IDEAYA Biosciences (NASDAQ:IDYA) Reports Quarterly Earnings Results

IDEAYA Biosciences (NASDAQ:IDYA) announced its quarterly earnings on Thursday, revealing a loss of ($1.49) earnings per share (EPS). This result fell short of analysts' expectations who had predicted a loss of ($0.67) per share, marking a difference of ($0.82). Despite these earnings challenges, IDEAYA's revenue for the quarter reached $7.00 million, which was in line with analyst forecasts.

IDEAYA Biosciences Stock Overview

On Friday, IDEAYA stock appreciated by $0.24, bringing it to $21.00 per share. The company experienced a trading volume of 1,427,577 shares, surpassing its average volume of 787,501 shares. Over the last year, the stock has seen a low of $20.63 and a high of $47.74. IDEAYA's current 50-day moving average is $24.36 and its 200-day moving average stands at $29.97. With a market capitalization of $1.82 billion, it has a P/E ratio of -9.01 and a beta of 0.82.

Analysts' Opinions and Future Outlook

Several financial research institutions have recently commented on IDEAYA. Royal Bank of Canada affirmed an "outperform" rating and set a price target of $61.00 for the stock in a report on January 15th. UBS Group initiated coverage on the company on October 24th, establishing a "buy" rating with a price target of $50.00. Additionally, Cantor Fitzgerald maintained an "overweight" rating, while Leerink Partners revised their stance from "outperform" to "market perform" and reduced their price target from $41.00 to $27.00 on November 5th. Wedbush continues to endorse an "outperform" rating with a price target of $52.00. Overall, two analysts suggest holding the stock, thirteen recommend buying, and one has issued a strong buy rating, leading to a consensus rating of "Moderate Buy" along with a consensus target price of $53.58.

Company Insights

IDEAYA Biosciences is a precision medicine oncology company that focuses on synthetic lethality. The firm is dedicated to discovering and developing targeted therapies for specific patient populations, determined through molecular diagnostics. Among its products in development are IDE196, a protein kinase C inhibitor in Phase 2/3 clinical trials for cancers with GNAQ or GNA11 mutations; IDE397, which targets methionine adenosyltransferase 2a for treating solid tumors with specific genetic deletions; and several others in various stages of clinical trials aimed at different genetic or molecular cancer signatures.

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