Sofinnova Investments Inc. Cuts Stake in IDEAYA Biosciences, Inc. $IDYA

Sofinnova Investments Inc. lessened its holdings in shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) by 4.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 885,121 shares of the company’s stock after selling 37,574 shares during the period. IDEAYA Biosciences accounts for approximately 1.2% of Sofinnova Investments Inc.’s investment portfolio, making the stock its 25th biggest position. Sofinnova Investments Inc. owned about 1.01% of IDEAYA Biosciences worth $30,599,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of IDYA. Iron Triangle Partners LP acquired a new position in IDEAYA Biosciences in the 3rd quarter valued at about $7,347,000. Envestnet Asset Management Inc. boosted its position in shares of IDEAYA Biosciences by 174.0% during the 3rd quarter. Envestnet Asset Management Inc. now owns 299,032 shares of the company’s stock worth $8,137,000 after purchasing an additional 189,877 shares during the period. Cinctive Capital Management LP lifted its holdings in IDEAYA Biosciences by 193.9% during the 3rd quarter. Cinctive Capital Management LP now owns 49,946 shares of the company’s stock worth $1,359,000 after buying an additional 32,953 shares in the last quarter. Tudor Investment Corp ET AL acquired a new stake in IDEAYA Biosciences during the 3rd quarter worth approximately $1,023,000. Finally, Aberdeen Group plc lifted its holdings in IDEAYA Biosciences by 26.5% during the 3rd quarter. Aberdeen Group plc now owns 558,048 shares of the company’s stock worth $15,184,000 after buying an additional 116,743 shares in the last quarter. Hedge funds and other institutional investors own 98.29% of the company’s stock.

Analysts Set New Price Targets

IDYA has been the topic of a number of analyst reports. Citigroup restated a “market outperform” rating on shares of IDEAYA Biosciences in a report on Tuesday, June 2nd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of IDEAYA Biosciences in a research report on Tuesday, April 21st. Guggenheim raised their price objective on shares of IDEAYA Biosciences from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, April 14th. Wells Fargo & Company raised their price objective on shares of IDEAYA Biosciences from $44.00 to $48.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 14th. Finally, Wall Street Zen raised shares of IDEAYA Biosciences from a “sell” rating to a “hold” rating in a report on Saturday. Fifteen equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.69.

IDEAYA Biosciences Trading Up 4.3%

Shares of IDYA opened at $30.23 on Tuesday. The company has a 50-day moving average of $29.84 and a two-hundred day moving average of $32.43. The stock has a market cap of $2.66 billion, a P/E ratio of -18.89 and a beta of -0.04. IDEAYA Biosciences, Inc. has a 12-month low of $20.50 and a 12-month high of $39.28.

IDEAYA Biosciences (NASDAQ:IDYA) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($1.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.07) by ($0.04). The firm had revenue of $6.56 million for the quarter, compared to analyst estimates of $5.04 million. IDEAYA Biosciences’s revenue was down 39.4% on a year-over-year basis. During the same period in the previous year, the company posted ($0.82) earnings per share. As a group, analysts forecast that IDEAYA Biosciences, Inc. will post -4.27 EPS for the current fiscal year.

IDEAYA Biosciences Company Profile

IDEAYA Biosciences is a clinical-stage precision oncology company dedicated to the discovery and development of novel therapies that exploit synthetic lethality in cancer cells. By targeting key DNA damage response pathways, the company aims to selectively kill tumor cells exhibiting specific genetic vulnerabilities while sparing healthy tissue. IDEAYA’s pipeline includes small-molecule inhibitors designed to address underserved tumor types, and its lead programs are advancing through Phase 1 and Phase 2 clinical trials in multiple oncology indications.

Central to IDEAYA’s approach is its Modular Approach to Precision (MAP) platform, which integrates proprietary genomic and functional screening technologies to identify critical cancer-specific dependencies.