IDEAYA Biosciences (NASDAQ:IDYA) Shares Gap Up to $21.90

IDEAYA Biosciences, Inc. (NASDAQ:IDYA – Get Rating) gapped up prior to trading on Wednesday . The stock had previously closed at $21.90, but opened at $23.00. IDEAYA Biosciences shares last traded at $22.00, with a volume of 120,179 shares.

Analyst Upgrades and Downgrades

A number of analysts recently commented on IDYA shares. Stifel Nicolaus raised IDEAYA Biosciences from a “hold” rating to a “buy” rating and increased their price target for the company from $18.00 to $24.00 in a research report on Monday, April 24th. Oppenheimer raised their price objective on shares of IDEAYA Biosciences from $26.00 to $30.00 in a report on Monday, April 24th. The Goldman Sachs Group began coverage on shares of IDEAYA Biosciences in a report on Wednesday. They set a “buy” rating and a $32.00 price objective for the company. Guggenheim raised their price objective on shares of IDEAYA Biosciences from $32.00 to $40.00 in a report on Monday, April 24th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $25.00 price objective on shares of IDEAYA Biosciences in a report on Wednesday, March 8th. Nine analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average price target of $29.40.

IDEAYA Biosciences Price Performance

The business’s 50-day moving average price is $17.24 and its 200 day moving average price is $17.28.

IDEAYA Biosciences (NASDAQ:IDYA – Get Rating) last announced its earnings results on Tuesday, May 9th. The company reported ($0.49) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.03. IDEAYA Biosciences had a negative net margin of 143.90% and a negative return on equity of 20.67%. The business had revenue of $7.90 million during the quarter, compared to analyst estimates of $5.38 million. IDEAYA Biosciences’s revenue was up 97.5% on a year-over-year basis. On average, analysts predict that IDEAYA Biosciences, Inc. will post -2.02 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in IDYA. Ameriprise Financial Inc. increased its stake in shares of IDEAYA Biosciences by 5.6% in the first quarter. Ameriprise Financial Inc. now owns 433,682 shares of the company’s stock worth $5,954,000 after buying an additional 23,112 shares during the period. JPMorgan Chase & Co. increased its position in shares of IDEAYA Biosciences by 30.1% during the 1st quarter. JPMorgan Chase & Co. now owns 36,423 shares of the company’s stock valued at $500,000 after purchasing an additional 8,434 shares during the last quarter. Jane Street Group LLC increased its holdings in IDEAYA Biosciences by 361.7% in the 1st quarter. Jane Street Group LLC now owns 63,182 shares of the company’s stock worth $867,000 after acquiring an additional 49,496 shares in the last quarter. Geode Capital Management LLC increased its holdings in IDEAYA Biosciences by 6.7% in the 1st quarter. Geode Capital Management LLC now owns 859,934 shares of the company’s stock worth $11,807,000 after acquiring an additional 54,033 shares in the last quarter. Finally, BVF Inc. IL boosted its stake in IDEAYA Biosciences by 11.3% in the 1st quarter. BVF Inc. IL now owns 2,455,089 shares of the company’s stock worth $33,708,000 after purchasing an additional 250,000 shares during the period. 94.20% of the stock is owned by hedge funds and other institutional investors.

IDEAYA Biosciences Company Profile

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IDEAYA Biosciences, Inc engages in the research and development of oncology-focused precision medicine. The firm focuses on the targeted therapeutics for patients selected using molecular diagnostics. Its product candidate, IDE196, is a protein kinase C inhibitor for genetically-defined cancers having GNAQ or GNA11 gene mutations.