Short Interest in IDEAYA Biosciences, Inc. (NASDAQ:IDYA) Declines By 11.2%

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) was the target of a large drop in short interest in November. As of November 30th, there was short interest totalling 8,930,000 shares, a drop of 11.2% from the November 15th total of 10,060,000 shares. Approximately 11.6% of the shares of the stock are short sold. Based on an average trading volume of 890,000 shares, the days-to-cover ratio is presently 10.0 days.

Wall Street Analysts Forecast Growth

IDYA has been the subject of several analyst reports. UBS Group initiated coverage on IDEAYA Biosciences in a report on Thursday, October 24th. They set a “buy” rating and a $50.00 target price for the company. Stifel Nicolaus lifted their target price on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Leerink Partnrs downgraded shares of IDEAYA Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, November 5th. Oppenheimer reiterated an “outperform” rating and set a $53.00 price objective on shares of IDEAYA Biosciences in a research report on Tuesday, October 29th. Finally, Stephens began coverage on shares of IDEAYA Biosciences in a research report on Monday, November 18th. They issued an “overweight” rating and a $51.00 price target for the company. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $53.67.

IDEAYA Biosciences Stock Performance

IDEAYA Biosciences stock opened at $26.05 on Tuesday. The business’s fifty day moving average is $28.66 and its two-hundred day moving average is $34.30. The firm has a market cap of $2.25 billion, a P/E ratio of -11.18 and a beta of 0.79. IDEAYA Biosciences has a 52 week low of $24.72 and a 52 week high of $47.74.

IDEAYA Biosciences (NASDAQ:IDYA) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.60) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.63) by $0.03. During the same quarter last year, the company posted ($0.46) EPS. On average, equities research analysts predict that IDEAYA Biosciences will post -2.45 earnings per share for the current year.

Institutional Trading of IDEAYA Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State Street Corp grew its holdings in IDEAYA Biosciences by 15.4% during the 3rd quarter. State Street Corp now owns 3,317,936 shares of the company’s stock worth $105,112,000 after acquiring an additional 443,640 shares during the period. Nisa Investment Advisors LLC grew its stake in IDEAYA Biosciences by 38.4% in the second quarter. Nisa Investment Advisors LLC now owns 3,340 shares of the company’s stock valued at $117,000 after acquiring an additional 927 shares during the period. Quest Partners LLC bought a new stake in shares of IDEAYA Biosciences in the second quarter worth about $41,000. Scientech Research LLC raised its position in shares of IDEAYA Biosciences by 362.3% during the second quarter. Scientech Research LLC now owns 27,708 shares of the company’s stock worth $973,000 after purchasing an additional 21,714 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its holdings in shares of IDEAYA Biosciences by 34.4% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 884,538 shares of the company’s stock valued at $31,056,000 after purchasing an additional 226,514 shares in the last quarter. 98.29% of the stock is owned by 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.