IDEAYA Biosciences (NASDAQ:IDYA) Hits New 1-Year Low – Should You Sell?

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) shares hit a new 52-week low on Friday . The stock traded as low as $23.98 and last traded at $24.43, with a volume of 25948 shares changing hands. The stock had previously closed at $24.85.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on IDYA. Wedbush reaffirmed an “outperform” rating and issued a $52.00 price objective on shares of IDEAYA Biosciences in a research report on Tuesday, December 17th. Leerink Partners downgraded IDEAYA Biosciences from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $41.00 to $27.00 in a report on Tuesday, November 5th. Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 target price on shares of IDEAYA Biosciences in a research report on Tuesday, September 24th. UBS Group started coverage on shares of IDEAYA Biosciences in a report on Thursday, October 24th. They set a “buy” rating and a $50.00 price target on the stock. Finally, Stephens began coverage on shares of IDEAYA Biosciences in a report on Monday, November 18th. They set an “overweight” rating and a $51.00 price objective for the company. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, IDEAYA Biosciences has an average rating of “Moderate Buy” and a consensus price target of $53.67.

IDEAYA Biosciences Stock Performance

The business has a 50 day moving average of $26.98 and a two-hundred day moving average of $32.77. The stock has a market capitalization of $2.10 billion, a PE ratio of -10.44 and a beta of 0.82.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its earnings results on Monday, November 4th. The company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.63) by $0.03. During the same period last year, the business earned ($0.46) EPS. On average, equities analysts expect that IDEAYA Biosciences, Inc. will post -2.45 EPS for the current fiscal year.

Institutional Investors Weigh In On IDEAYA Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Allworth Financial LP raised its holdings in IDEAYA Biosciences by 800.0% in the 3rd quarter. Allworth Financial LP now owns 900 shares of the company’s stock worth $29,000 after purchasing an additional 800 shares during the period. Covestor Ltd raised its position in shares of IDEAYA Biosciences by 23,050.0% during the 3rd quarter. Covestor Ltd now owns 926 shares of the company’s stock valued at $29,000 after buying an additional 922 shares during the period. Quest Partners LLC acquired a new position in IDEAYA Biosciences in the second quarter valued at approximately $41,000. US Bancorp DE grew its position in IDEAYA Biosciences by 67.2% in the third quarter. US Bancorp DE now owns 1,714 shares of the company’s stock worth $54,000 after acquiring an additional 689 shares during the period. Finally, Daiwa Securities Group Inc. raised its position in IDEAYA Biosciences by 637.9% in the second quarter. Daiwa Securities Group Inc. now owns 1,948 shares of the company’s stock valued at $68,000 after purchasing an additional 1,684 shares during the period. 98.29% of the stock is owned by institutional investors and hedge funds.

About IDEAYA Biosciences

IDEAYA Biosciences, Inc, a synthetic lethality-focused precision medicine oncology company, discovers and develops targeted therapeutics for patient populations selected using molecular diagnostics in the United States. The company's products in development include IDE196, a protein kinase C inhibitor that is in Phase 2/3 clinical trials for genetically defined cancers having GNAQ or GNA11 gene mutations; IDE397, a methionine adenosyltransferase 2a inhibitor that is in Phase 1/2 clinical trials for patients with solid tumors having methylthioadenosine phosphorylase gene deletions, such as non-small cell lung, bladder, gastric, and esophageal cancers; IDE161, a poly ADP-ribose glycohydrolase inhibitor that is in Phase 1 clinical trial to treat tumors with homologous recombination deficiency (HRD), and other genetic or molecular signatures; GSK101, a Pol Theta Helicase inhibitor that is in Phase 1 clinical trial for the treatment of tumors with BRCA or other homologous recombination, and HRD mutations; and Werner Helicase inhibitors for tumors with high microsatellite instability.