IDEAYA Biosciences (NASDAQ:IDYA) Sees Large Volume Increase – Should You Buy?

Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) saw strong trading volume on Friday . 1,083,025 shares changed hands during trading, an increase of 25% from the previous session’s volume of 867,972 shares.The stock last traded at $25.75 and had previously closed at $25.16.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the company. Leerink Partners cut IDEAYA Biosciences from an “outperform” rating to a “market perform” rating and decreased their price objective for the company from $41.00 to $27.00 in a report on Tuesday, November 5th. Stephens initiated coverage on IDEAYA Biosciences in a research report on Monday, November 18th. They issued an “overweight” rating and a $51.00 price objective on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of IDEAYA Biosciences in a research note on Tuesday, December 17th. UBS Group started coverage on shares of IDEAYA Biosciences in a research note on Thursday, October 24th. They set a “buy” rating and a $50.00 target price on the stock. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $61.00 price target on shares of IDEAYA Biosciences in a research note on Tuesday, September 24th. Two analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $53.67.

IDEAYA Biosciences Price Performance

The stock’s 50-day simple moving average is $27.38 and its two-hundred day simple moving average is $33.18. The firm has a market capitalization of $2.25 billion, a P/E ratio of -11.17 and a beta of 0.79.

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

Hedge Funds Weigh In On IDEAYA Biosciences

Several institutional investors have recently bought and sold shares of IDYA. KBC Group NV boosted its stake in IDEAYA Biosciences by 29.1% during the third quarter. KBC Group NV now owns 2,274 shares of the company’s stock valued at $72,000 after buying an additional 513 shares during the last quarter. Amalgamated Bank raised its position in IDEAYA Biosciences by 22.9% during the third quarter. Amalgamated Bank now owns 2,840 shares of the company’s stock valued at $90,000 after purchasing an additional 530 shares during the period. US Bancorp DE boosted its holdings in shares of IDEAYA Biosciences by 67.2% in the 3rd quarter. US Bancorp DE now owns 1,714 shares of the company’s stock worth $54,000 after purchasing an additional 689 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in IDEAYA Biosciences by 35.2% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,056 shares of the company’s stock valued at $94,000 after buying an additional 796 shares during the period. Finally, Allworth Financial LP boosted its stake in IDEAYA Biosciences by 800.0% during the third quarter. Allworth Financial LP now owns 900 shares of the company’s stock worth $29,000 after buying an additional 800 shares during the period. 98.29% of the stock is owned by hedge funds and other institutional investors.

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.