Leerink Partners Downgrades IDEAYA Biosciences (NASDAQ:IDYA) to Market Perform

Leerink Partners lowered shares of IDEAYA Biosciences (NASDAQ:IDYA) from an outperform rating to a market perform rating in a research report report published on Tuesday morning, Marketbeat.com reports. Leerink Partners currently has $27.00 price target on the stock, down from their previous price target of $41.00.

IDYA has been the subject of several other reports. Cantor Fitzgerald initiated coverage on IDEAYA Biosciences in a research report on Tuesday, October 15th. They set an “overweight” rating for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $61.00 target price on shares of IDEAYA Biosciences in a research note on Tuesday, September 24th. BTIG Research lifted their price target on shares of IDEAYA Biosciences from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Oppenheimer restated an “outperform” rating and issued a $53.00 price objective on shares of IDEAYA Biosciences in a research report on Tuesday, October 29th. Finally, JPMorgan Chase & Co. dropped their price objective on IDEAYA Biosciences from $69.00 to $66.00 and set an “overweight” rating on the stock in a research note on Thursday, August 8th. Two equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $53.91.

IDEAYA Biosciences Stock Performance

Shares of NASDAQ IDYA opened at $31.28 on Tuesday. IDEAYA Biosciences has a fifty-two week low of $27.52 and a fifty-two week high of $47.74. The company’s 50 day simple moving average is $32.23 and its 200 day simple moving average is $36.70.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.63) by $0.03. During the same period last year, the company posted ($0.46) earnings per share. On average, research analysts anticipate that IDEAYA Biosciences will post -2.44 EPS for the current year.

Hedge Funds Weigh In On IDEAYA Biosciences

Several hedge funds have recently made changes to their positions in IDYA. Allworth Financial LP boosted its holdings 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 purchasing an additional 800 shares during the last quarter. Covestor Ltd boosted its stake in shares of IDEAYA Biosciences by 23,050.0% during the 3rd quarter. Covestor Ltd now owns 926 shares of the company’s stock worth $29,000 after buying an additional 922 shares during the last quarter. Quest Partners LLC bought a new position in shares of IDEAYA Biosciences in the 2nd quarter valued at about $41,000. Comerica Bank increased its position in shares of IDEAYA Biosciences by 723.5% in the first quarter. Comerica Bank now owns 1,507 shares of the company’s stock valued at $66,000 after acquiring an additional 1,324 shares during the last quarter. Finally, US Bancorp DE raised its holdings in IDEAYA Biosciences by 67.2% during 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 in the last quarter. 98.29% of the stock is owned by institutional investors.

IDEAYA Biosciences Company Profile

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.