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IDEAYA Biosciences, Inc. (IDYA) Moves 7.6% Higher: Will This Strength Last?
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IDEAYA Biosciences, Inc. (IDYA - Free Report) shares soared 7.6% in the last trading session to close at $39.74. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.9% gain over the past four weeks.
The stock rallied on the optimism over the growth of the drug/biotech sector in 2024.
This company is expected to post quarterly loss of $0.49 per share in its upcoming report, which represents a year-over-year change of +2%. Revenues are expected to be $10.17 million, up 152.9% 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.
IDEAYA Biosciences, Inc. belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Incyte (INCY - Free Report) , closed the last trading session 0.6% lower at $62.74. Over the past month, INCY has returned -1.1%.
For Incyte, the consensus EPS estimate for the upcoming report has changed +10.9% over the past month to $1.20. This represents a change of +93.6% from what the company reported a year ago. Incyte currently has a Zacks Rank of #3 (Hold).
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IDEAYA Biosciences, Inc. (IDYA) Moves 7.6% Higher: Will This Strength Last?
IDEAYA Biosciences, Inc. (IDYA - Free Report) shares soared 7.6% in the last trading session to close at $39.74. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 7.9% gain over the past four weeks.
The stock rallied on the optimism over the growth of the drug/biotech sector in 2024.
This company is expected to post quarterly loss of $0.49 per share in its upcoming report, which represents a year-over-year change of +2%. Revenues are expected to be $10.17 million, up 152.9% 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 #2 (Buy). 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, Incyte (INCY - Free Report) , closed the last trading session 0.6% lower at $62.74. Over the past month, INCY has returned -1.1%.
For Incyte, the consensus EPS estimate for the upcoming report has changed +10.9% over the past month to $1.20. This represents a change of +93.6% from what the company reported a year ago. Incyte currently has a Zacks Rank of #3 (Hold).