Sofinnova Investments Inc. Grows Position in IDEAYA Biosciences, Inc. (NASDAQ:IDYA)

Sofinnova Investments Inc. grew its position in shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) by 47.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,151,528 shares of the company’s stock after acquiring an additional 369,932 shares during the quarter. IDEAYA Biosciences accounts for approximately 2.1% of Sofinnova Investments Inc.’s portfolio, making the stock its 14th largest holding. Sofinnova Investments Inc. owned about 1.52% of IDEAYA Biosciences worth $40,430,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in IDEAYA Biosciences by 13.5% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 496,456 shares of the company’s stock worth $17,664,000 after purchasing an additional 59,100 shares during the last quarter. Campbell & CO Investment Adviser LLC boosted its stake in shares of IDEAYA Biosciences by 93.2% in the 4th quarter. Campbell & CO Investment Adviser LLC now owns 61,226 shares of the company’s stock worth $2,178,000 after buying an additional 29,536 shares during the last quarter. First Light Asset Management LLC bought a new position in shares of IDEAYA Biosciences in the fourth quarter valued at approximately $12,299,000. Superstring Capital Management LP purchased a new stake in shares of IDEAYA Biosciences during the fourth quarter valued at approximately $8,941,000. Finally, Vanguard Group Inc. lifted its holdings in IDEAYA Biosciences by 17.0% during the fourth quarter. Vanguard Group Inc. now owns 3,475,772 shares of the company’s stock worth $123,668,000 after acquiring an additional 504,275 shares during the period. Institutional investors own 98.29% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have issued reports on IDYA shares. BTIG Research upped their price objective on IDEAYA Biosciences from $55.00 to $62.00 and gave the company a “buy” rating in a research note on Tuesday, July 9th. Royal Bank of Canada restated an “outperform” rating and set a $61.00 price target on shares of IDEAYA Biosciences in a research report on Wednesday, August 7th. Oppenheimer lowered their price objective on shares of IDEAYA Biosciences from $60.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Mizuho assumed coverage on shares of IDEAYA Biosciences in a research report on Monday, July 8th. They set an “outperform” rating and a $50.00 target price for the company. Finally, Citigroup lowered their price target on shares of IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating on the stock in a report on Tuesday, August 27th. Twelve investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $56.20.

IDEAYA Biosciences Price Performance

IDEAYA Biosciences stock opened at $36.83 on Tuesday. IDEAYA Biosciences, Inc. has a one year low of $23.41 and a one year high of $47.74. The firm has a market capitalization of $2.79 billion, a P/E ratio of -18.32 and a beta of 0.84. The business has a fifty day moving average price of $39.21 and a 200-day moving average price of $39.97.

IDEAYA Biosciences (NASDAQ:IDYA) last released its quarterly earnings data on Tuesday, August 6th. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.54) by ($0.14). IDEAYA Biosciences had a negative net margin of 483.05% and a negative return on equity of 20.52%. During the same quarter in the prior year, the business earned ($0.50) earnings per share. Sell-side analysts expect that IDEAYA Biosciences, Inc. will post -2.51 earnings per share for the current fiscal year.

IDEAYA Biosciences Profile

IDEAYA Biosciences, Inc, a synthetic lethality-focused precision medicine oncology company, discovers and develops targeted therapeutics for patient populations selected using molecular diagnostics in the United States. The company's products in development include IDE196, a protein kinase C inhibitor that is in Phase 2/3 clinical trials for genetically defined cancers having GNAQ or GNA11 gene mutations; IDE397, a methionine adenosyltransferase 2a inhibitor that is in Phase 1/2 clinical trials for patients with solid tumors having methylthioadenosine phosphorylase gene deletions, such as non-small cell lung, bladder, gastric, and esophageal cancers; IDE161, a poly ADP-ribose glycohydrolase inhibitor that is in Phase 1 clinical trial to treat tumors with homologous recombination deficiency (HRD), and other genetic or molecular signatures; GSK101, a Pol Theta Helicase inhibitor that is in Phase 1 clinical trial for the treatment of tumors with BRCA or other homologous recombination, and HRD mutations; and Werner Helicase inhibitors for tumors with high microsatellite instability.