Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) have achieved an average consensus rating of “Moderate Buy” from 17 brokerages monitoring the company, according to MarketBeat.com. This assessment includes one sell recommendation, one hold, and an impressive 15 buy endorsements, reflecting strong confidence in the company’s future performance.
The average target price for IDEAYA’s stock over the next year stands at $46.40, as reported by analysts who have revised their projections in the past year. Recent research notes highlight varying perspectives on the stock, with Citigroup reaffirming its “buy” rating on September 9, 2023. Meanwhile, Stephens reiterated an “overweight” rating and set a price target of $45.00 on the same day.
On September 18, 2023, Guggenheim initiated coverage on IDEAYA, assigning a “buy” rating and a price objective of $50.00. The Goldman Sachs Group adjusted its target price from $27.00 to $30.00 while maintaining a “neutral” stance in a report released on October 21, 2023. Additionally, Wall Street Zen upgraded the stock from a “hold” to a “buy” rating on November 9, 2023.
Stock Performance and Financial Results
On November 4, 2023, IDEAYA reported its earnings, revealing an earnings per share (EPS) of $1.33, significantly surpassing analysts’ expectations of a loss of $0.12 per share. The company generated $207.83 million in revenue during the quarter, far exceeding the anticipated $59.98 million.
Despite this strong performance, IDEAYA’s stock opened at $35.87 on Monday, reflecting a slight decrease of 0.4%. Over the past year, the stock has fluctuated between a low of $13.45 and a high of $36.61, with a 50-day moving average of $30.93 and a 200-day moving average of $25.91. The company currently boasts a market capitalization of $3.14 billion and a price-to-earnings ratio of -19.28, indicating ongoing investment in growth despite current financial losses.
Institutional Investor Activity
Recent changes in institutional ownership suggest growing confidence in IDEAYA. Notably, Aster Capital Management DIFC Ltd acquired a new position in the company during the third quarter, valued at approximately $38,000. Similarly, Abich Financial Wealth Management LLC also purchased new shares worth $58,000 during the same period.
Moreover, PNC Financial Services Group Inc. increased its stake in IDEAYA by 180.2% in the first quarter, now holding 2,404 shares valued at $39,000. Elevation Point Wealth Partners LLC and Daiwa Securities Group Inc. also expanded their investments significantly, with the latter raising its stake by 16.1%.
Approximately 98.29% of IDEAYA’s stock is currently owned by institutional investors, underscoring significant institutional confidence in the company’s prospects and strategic direction.
IDEAYA Biosciences focuses on developing targeted therapeutics for oncology, particularly leveraging synthetic lethality. Among its key products, the company is advancing several candidates through clinical trials, including IDE196, a protein kinase C inhibitor, and IDE397, which targets specific gene mutations associated with various cancers.
As the company continues to innovate in precision medicine, the positive analyst outlook could contribute to IDEAYA’s ongoing growth and development in the competitive biotech landscape.
