Down -8.63% in 4 Weeks, Here's Why You Should You Buy the Dip in IDEAYA Biosciences (IDYA)

Core Viewpoint - IDEAYA Biosciences, Inc. (IDYA) has experienced significant selling pressure, resulting in an 8.6% decline in stock price over the past four weeks, but analysts anticipate improved earnings in the near future [1] Group 1: Stock Performance and Technical Indicators - IDYA's stock is currently in oversold territory, indicated by a Relative Strength Index (RSI) reading of 29.84, suggesting a potential trend reversal [5] - The RSI is a momentum oscillator that helps identify whether a stock is oversold, typically when the reading falls below 30 [2][3] Group 2: Earnings Estimates and Analyst Sentiment - Over the last 30 days, the consensus EPS estimate for IDYA has increased by 1.3%, reflecting a positive trend in earnings estimate revisions [6] - A Zacks Rank of 2 (Buy) places IDYA in the top 20% of over 4,000 ranked stocks, indicating strong potential for a turnaround based on earnings estimate trends [7]