Short Interest in IDEAYA Biosciences, Inc. (NASDAQ:IDYA) Grows By 25.7%

Posted by Defense World Staff on Jul 18th, 2023

IDEAYA Biosciences, Inc. (NASDAQ:IDYA – Get Free Report) saw a significant increase in short interest in the month of June. As of June 30th, there was short interest totalling 6,020,000 shares, an increase of 25.7% from the June 15th total of 4,790,000 shares. Currently, 12.0% of the shares of the company are sold short. Based on an average trading volume of 755,400 shares, the days-to-cover ratio is presently 8.0 days.

IDEAYA Biosciences Trading Down 0.2 %

Shares of IDEAYA Biosciences stock opened at $22.62 on Tuesday. The company’s 50-day moving average price is $23.23 and its two-hundred day moving average price is $18.95. IDEAYA Biosciences has a 52 week low of $9.00 and a 52 week high of $26.35. The stock has a market cap of $1.30 billion, a PE ratio of -14.88 and a beta of 0.82.

IDEAYA Biosciences (NASDAQ:IDYA – Get Free Report) last issued its quarterly earnings results on Tuesday, May 9th. The company reported ($0.49) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.52) by $0.03. The firm had revenue of $7.90 million for the quarter, compared to analysts’ expectations of $5.38 million. IDEAYA Biosciences had a negative return on equity of 20.67% and a negative net margin of 143.90%. The company’s quarterly revenue was up 97.5% compared to the same quarter last year. On average, equities analysts predict that IDEAYA Biosciences will post -2.02 EPS for the current fiscal year.

Wall Street Analyst Weigh In

IDYA has been the subject of several analyst reports. Berenberg Bank started coverage on shares of IDEAYA Biosciences in a report on Thursday, March 23rd. They set a “buy” rating and a $26.00 price target for the company. TheStreet upgraded shares of IDEAYA Biosciences from a “d+” rating to a “c” rating in a research note on Monday, May 15th. The Goldman Sachs Group started coverage on shares of IDEAYA Biosciences in a research note on Wednesday, May 24th. They set a “buy” rating and a $32.00 price objective on the stock. Guggenheim lifted their price objective on shares of IDEAYA Biosciences from $32.00 to $40.00 in a research note on Monday, April 24th. Finally, Wedbush lifted their price objective on shares of IDEAYA Biosciences from $30.00 to $35.00 in a research note on Monday, April 24th. Nine research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $29.40.

Insider Activity

In other news, insider Jason Throne sold 9,485 shares of the business’s stock in a transaction on Monday, July 10th. The shares were sold at an average price of $23.00, for a total transaction of $218,155.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders sold 10,417 shares of company stock valued at $239,591. 5.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On IDEAYA Biosciences

A number of institutional investors have recently bought and sold shares of IDYA. Point72 Hong Kong Ltd increased its stake in IDEAYA Biosciences by 363.7% in the 1st quarter. Point72 Hong Kong Ltd now owns 3,376 shares of the company’s stock worth $38,000 after purchasing an additional 2,648 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in IDEAYA Biosciences by 66.4% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 2,847 shares of the company’s stock valued at $39,000 after acquiring an additional 1,136 shares in the last quarter. Quantbot Technologies LP grew its stake in IDEAYA Biosciences by 90.5% during the 1st quarter. Quantbot Technologies LP now owns 4,000 shares of the company’s stock valued at $44,000 after acquiring an additional 1,900 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in IDEAYA Biosciences during the 4th quarter valued at about $49,000. Finally, Metropolitan Life Insurance Co. NY grew its stake in IDEAYA Biosciences by 39.3% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 2,743 shares of the company’s stock valued at $50,000 after acquiring an additional 774 shares in the last quarter. Hedge funds and other institutional investors own 83.57% of the company’s stock.

About IDEAYA Biosciences

(Get Free Report)

IDEAYA Biosciences, Inc, a synthetic lethality-focused precision medicine oncology company, focuses on the discovery and development of targeted therapeutics for patient populations selected using molecular diagnostics. The company's lead product candidates include IDE397, a methionine adenosyltransferase 2a inhibitor that is in Phase II clinical trial for patients with solid tumors having methylthioadenosine phosphorylase gene deletions; and IDE196, a protein kinase C inhibitor that is in Phase I/II clinical trial for genetically defined cancers having GNAQ or GNA11 gene mutations.