Sofinnova Investments Inc. Lowers Position in IDEAYA Biosciences, Inc. $IDYA

Sofinnova Investments Inc. trimmed its stake in IDEAYA Biosciences, Inc. (NASDAQ:IDYA) by 4.1% in the fourth quarter, Holdings Channel.com reports. The firm owned 885,121 shares of the company’s stock after selling 37,574 shares during the quarter. IDEAYA Biosciences comprises about 1.2% of Sofinnova Investments Inc.’s portfolio, making the stock its 25th largest position. Sofinnova Investments Inc.’s holdings in IDEAYA Biosciences were worth $30,599,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. MML Investors Services LLC grew its stake in IDEAYA Biosciences by 3.2% during the fourth quarter. MML Investors Services LLC now owns 83,939 shares of the company’s stock worth $2,902,000 after buying an additional 2,570 shares during the period. Mariner LLC boosted its stake in IDEAYA Biosciences by 12.7% during the 4th quarter. Mariner LLC now owns 10,772 shares of the company’s stock valued at $372,000 after acquiring an additional 1,218 shares during the last quarter. Nicholas Investment Partners LP bought a new position in IDEAYA Biosciences during the 4th quarter valued at $6,652,000. First Turn Management LLC bought a new position in IDEAYA Biosciences during the 4th quarter valued at $25,017,000. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of IDEAYA Biosciences by 5.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 69,909 shares of the company’s stock worth $2,415,000 after purchasing an additional 3,416 shares during the period. 98.29% of the stock is currently owned by hedge funds and other institutional investors.

IDEAYA Biosciences Stock Performance

Shares of IDYA opened at $30.23 on Tuesday. The firm has a market cap of $2.66 billion, a PE ratio of -18.89 and a beta of -0.04. The firm’s 50 day moving average price is $29.84 and its 200 day moving average price is $32.43. IDEAYA Biosciences, Inc. has a twelve month low of $20.50 and a twelve month high of $39.28.

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

Analyst Ratings Changes

IDYA has been the topic of a number of research reports. Citigroup reissued a “market outperform” rating on shares of IDEAYA Biosciences in a report on Tuesday, June 2nd. Guggenheim increased their target price on shares of IDEAYA Biosciences from $50.00 to $54.00 and gave the company a “buy” rating in a research report on Tuesday, April 14th. Mizuho decreased their target price on shares of IDEAYA Biosciences from $52.00 to $50.00 and set an “outperform” rating for the company in a research report on Thursday, May 7th. Royal Bank Of Canada raised their price objective on shares of IDEAYA Biosciences from $49.00 to $53.00 and gave the company an “outperform” rating in a research report on Tuesday, April 14th. Finally, Truist Financial set a $65.00 price objective on shares of IDEAYA Biosciences in a research report on Monday, April 13th. Fifteen research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.69.

IDEAYA Biosciences 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.