Sofinnova Investments Inc. Buys 369,932 Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA)

Sofinnova Investments Inc. raised its stake in shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) by 47.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,151,528 shares of the company’s stock after purchasing an additional 369,932 shares during the period. IDEAYA Biosciences makes up 2.1% of Sofinnova Investments Inc.’s portfolio, making the stock its 14th biggest position. Sofinnova Investments Inc.’s holdings in IDEAYA Biosciences were worth $40,430,000 as of its most recent SEC filing.

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

IDEAYA Biosciences Stock Performance

NASDAQ IDYA opened at $36.83 on Tuesday. The stock has a market cap of $2.79 billion, a P/E ratio of -18.32 and a beta of 0.84. IDEAYA Biosciences, Inc. has a fifty-two week low of $23.41 and a fifty-two week high of $47.74. The stock has a 50 day simple moving average of $39.21 and a two-hundred day simple moving average of $39.97.

IDEAYA Biosciences (NASDAQ:IDYA) last announced its quarterly earnings results 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 return on equity of 20.52% and a negative net margin of 483.05%. During the same period in the previous year, the business posted ($0.50) earnings per share. Sell-side analysts predict that IDEAYA Biosciences, Inc. will post -2.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on IDYA shares. Oppenheimer dropped their target price on IDEAYA Biosciences from $60.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. BTIG Research boosted their price objective on shares of IDEAYA Biosciences from $55.00 to $62.00 and gave the stock a “buy” rating in a report on Tuesday, July 9th. Lifesci Capital raised shares of IDEAYA Biosciences to a “strong-buy” rating in a research note on Monday, July 29th. Stifel Nicolaus lifted their target price on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the stock a “buy” rating in a research report on Tuesday, September 10th. Finally, Citigroup cut their price target on shares of IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating for the company in a research report on Tuesday, August 27th. Twelve equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $56.20.

About IDEAYA Biosciences

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.