IDEAYA Biosciences (NASDAQ:IDYA) Shares Gap Up Following Insider Buying Activity

IDEAYA Biosciences, Inc. (NASDAQ:IDYA)’s share price gapped up before the market opened on Tuesday following insider buying activity. The stock had previously closed at $33.04, but opened at $35.29. IDEAYA Biosciences shares last traded at $34.3330, with a volume of 235,847 shares traded.

Specifically, Director Jeffrey Stein acquired 50,000 shares of IDEAYA Biosciences stock in a transaction dated Monday, March 2nd. The stock was purchased at an average cost of $32.96 per share, for a total transaction of $1,648,000.00. Following the completion of the acquisition, the director directly owned 54,281 shares of the company’s stock, valued at $1,789,101.76. This represents a 1,167.95% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Analysts Set New Price Targets

Several equities analysts recently weighed in on IDYA shares. UBS Group began coverage on shares of IDEAYA Biosciences in a research report on Wednesday, January 7th. They issued a “buy” rating and a $50.00 price target on the stock. Mizuho raised their target price on IDEAYA Biosciences from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, November 11th. Citigroup lifted their target price on IDEAYA Biosciences from $64.00 to $65.00 and gave the company a “buy” rating in a research report on Thursday, February 19th. Wedbush increased their price target on IDEAYA Biosciences from $49.00 to $52.00 and gave the company an “outperform” rating in a research report on Wednesday, February 18th. Finally, Guggenheim restated a “buy” rating and set a $50.00 price objective on shares of IDEAYA Biosciences in a research note on Wednesday, February 18th. Fifteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, IDEAYA Biosciences has a consensus rating of “Moderate Buy” and an average target price of $48.69.

IDEAYA Biosciences Stock Performance

The stock has a market cap of $3.01 billion, a P/E ratio of -26.19 and a beta of 0.09. The business has a 50 day simple moving average of $33.97 and a 200-day simple moving average of $31.04.

IDEAYA Biosciences (NASDAQ:IDYA) last released its earnings results on Tuesday, February 17th. The company reported ($0.94) EPS for the quarter, topping analysts’ consensus estimates of ($1.03) by $0.09. The business had revenue of $21.75 million for the quarter, compared to the consensus estimate of $5.95 million. The company’s revenue for the quarter was up 55.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($1.49) earnings per share. On average, sell-side analysts predict that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. GSK plc purchased a new stake in shares of IDEAYA Biosciences during the 4th quarter worth approximately $46,093,000. Baker BROS. Advisors LP grew its holdings in IDEAYA Biosciences by 54.6% during the third quarter. Baker BROS. Advisors LP now owns 3,275,444 shares of the company’s stock valued at $89,125,000 after purchasing an additional 1,156,716 shares during the period. State Street Corp increased its position in IDEAYA Biosciences by 27.6% in the fourth quarter. State Street Corp now owns 4,134,641 shares of the company’s stock worth $142,935,000 after buying an additional 893,707 shares during the last quarter. Janus Henderson Group PLC raised its stake in shares of IDEAYA Biosciences by 11.8% in the fourth quarter. Janus Henderson Group PLC now owns 7,186,456 shares of the company’s stock valued at $248,344,000 after buying an additional 758,117 shares during the period. Finally, First Turn Management LLC bought a new stake in shares of IDEAYA Biosciences in the fourth quarter valued at $25,017,000. 98.29% of the stock is currently owned by hedge funds and other institutional investors.

About IDEAYA Biosciences

IDEAYA Biosciences is a clinical-stage precision oncology company dedicated to the discovery and development of novel therapies that exploit synthetic lethality in cancer cells. By targeting key DNA damage response pathways, the company aims to selectively kill tumor cells exhibiting specific genetic vulnerabilities while sparing healthy tissue. IDEAYA’s pipeline includes small-molecule inhibitors designed to address underserved tumor types, and its lead programs are advancing through Phase 1 and Phase 2 clinical trials in multiple oncology indications.

Central to IDEAYA’s approach is its Modular Approach to Precision (MAP) platform, which integrates proprietary genomic and functional screening technologies to identify critical cancer-specific dependencies.