IDEAYA Biosciences, Inc. (IDYA) Surges 7.6%: Is This an Indication of Further Gains?
IDEAYA Biosciences, Inc. (IDYA) shares ended the last trading session 7.6% higher at $26.46. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 14.7% loss over the past four weeks.
Earlier this week, the company initiated the phase II expansion study evaluating darovasertib in combination with crizotinib for treating GNAQ/11 metastatic cutaneous melanoma. The company initiated the expansion study based on preliminary clinical efficacy observed in the given indication. This might have driven the share price rally.
This company is expected to post quarterly loss of $0.47 per share in its upcoming report, which represents a year-over-year change of -1275%. Revenues are expected to be $10.44 million, down 64.9% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For IDEAYA Biosciences, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on IDYA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
IDEAYA Biosciences, Inc. belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Tango Therapeutics, Inc. (TNGX), closed the last trading session 10.4% higher at $7.20. Over the past month, TNGX has returned -27.6%.
For Tango Therapeutics, Inc. , the consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.34. This represents a change of -3% from what the company reported a year ago. Tango Therapeutics, Inc. currently has a Zacks Rank of #3 (Hold).
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