Stock Track | IDEAYA Biosciences Plunges 5% on Analyst Downgrade and Widening Q3 Losses

Stock Track11-05

Shares of IDEAYA Biosciences (NASDAQ: IDYA) fell sharply by 5.33% on Monday, November 5th, following a downgrade from Leerink analyst Christopher Liu and the company's disappointing third-quarter earnings results.

Liu downgraded IDEAYA from Outperform to Market Perform, citing a lack of clarity around the company's key programs. The analyst also lowered their price target on the stock from $41 to $27, reflecting the increased uncertainty.

IDEAYA's Q3 2024 earnings report, released on November 4th, showed a widening net loss of $51.8 million, or $0.60 per share, compared to a loss of $27.5 million, or $0.46 per share, in the same quarter last year. The company's losses have been increasing as it continues to invest heavily in research and development of its oncology pipeline.

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