BlackRock Inc. Makes New Investment in IDEAYA Biosciences, Inc. $IDYA

Key Points

• BlackRock acquired 8.89 million shares of IDEAYA Biosciences during the second quarter, worth approximately $331.5 million and representing a 10.12% stake.
• IDEAYA reported quarterly revenue of $8.86 million, up sharply year over year but missed earnings expectations with a loss of $1.22 per share versus the expected $1.06 loss. Analysts project a full-year loss of $4.38 per share.
• The stock opened at $41.58, near its 52-week high, while analysts maintained a broadly positive outlook: 14 rate it Buy, with a consensus price target of $50.12 and an overall “Moderate Buy” rating.

BlackRock Inc. acquired a new stake in shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 8,893,260 shares of the company's stock, valued at approximately $331,452,000. BlackRock Inc. owned about 10.12% of IDEAYA Biosciences at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of IDYA. Farther Finance Advisors LLC boosted its position in shares of IDEAYA Biosciences by 171.1% during the fourth quarter. Farther Finance Advisors LLC now owns 919 shares of the company's stock worth $32,000 after acquiring an additional 580 shares during the last quarter. ANTIPODES PARTNERS Ltd lifted its stake in IDEAYA Biosciences by 49.4% in the 4th quarter. ANTIPODES PARTNERS Ltd now owns 1,150 shares of the company's stock worth $40,000 after purchasing an additional 380 shares in the last quarter. Global Retirement Partners LLC bought a new position in shares of IDEAYA Biosciences during the 4th quarter valued at about $61,000. Daiwa Securities Group Inc. grew its position in shares of IDEAYA Biosciences by 16.1% during the second quarter. Daiwa Securities Group Inc. now owns 3,141 shares of the company's stock valued at $66,000 after purchasing an additional 436 shares in the last quarter. Finally, Fifth Third Bancorp purchased a new position in shares of IDEAYA Biosciences during the first quarter valued at about $84,000. Hedge funds and other institutional investors own 98.29% of the company's stock.

IDEAYA Biosciences Price Performance

Shares of NASDAQ:IDYA opened at $41.58 on Thursday. The firm has a market capitalization of $3.65 billion, a PE ratio of -21.43 and a beta of -0.10. The business has a 50 day simple moving average of $36.78 and a two-hundred day simple moving average of $33.05. IDEAYA Biosciences, Inc. has a 1 year low of $23.23 and a 1 year high of $42.68.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The company reported ($1.22) earnings per share for the quarter, missing the consensus estimate of ($1.06) by ($0.16). IDEAYA Biosciences had a negative return on equity of 16.73% and a negative net margin of 75.93%.The business had revenue of $8.86 million during the quarter, compared to analysts' expectations of $8.02 million. During the same quarter in the previous year, the company posted ($0.88) earnings per share. The company's quarterly revenue was up 8800.0% compared to the same quarter last year. Equities research analysts expect that IDEAYA Biosciences, Inc. will post -4.38 EPS for the current fiscal year.

Insider Activity

In other news, CAO Briseno Andres Ruiz sold 9,550 shares of the business's stock in a transaction on Tuesday, July 7th. The shares were sold at an average price of $40.01, for a total transaction of $382,095.50. Following the completion of the sale, the chief accounting officer directly owned 26,466 shares of the company's stock, valued at approximately $1,058,904.66. The trade was a 26.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.70% of the company's stock.

Analysts Set New Price Targets

IDYA has been the subject of a number of research reports. Cantor Fitzgerald reissued an "overweight" rating on shares of IDEAYA Biosciences in a research note on Friday, May 22nd. Wall Street Zen downgraded IDEAYA Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday, August 15th. Wedbush lifted their price objective on shares of IDEAYA Biosciences from $58.00 to $60.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 5th. Royal Bank Of Canada reduced their target price on shares of IDEAYA Biosciences from $53.00 to $48.00 and set an "outperform" rating on the stock in a report on Tuesday, July 7th. Finally, Citigroup reaffirmed a "market outperform" rating on shares of IDEAYA Biosciences in a report on Tuesday, June 2nd. Fourteen equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, IDEAYA Biosciences presently has an average rating of "Moderate Buy" and a consensus price target of $50.12.

About IDEAYA Biosciences

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.

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