IDEAYA Biosciences, Inc. $IDYA Position Increased by Baker BROS. Advisors LP

Key Points

• Baker BROS. Advisors LP increased its stake in IDEAYA by 54.6% in Q3 to 3,275,444 shares, representing about 3.74% of the company and a holding valued at ~$89.13 million (IDEAYA is their 19th largest position).
• Director Jeffrey Stein purchased 50,000 shares on March 2 at an average price of $32.96, a 1,167.95% increase in his stake, signaling notable insider buying.
• Analysts remain largely positive with 15 Buys, 1 Hold and 1 Sell giving a consensus "Moderate Buy" and a price target of $48.69; the company also reported a revenue beat ($21.75M vs. $5.95M expected) and a narrower-than-expected EPS loss for the quarter.

Baker BROS. Advisors LP grew its position in IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Free Report) by 54.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,275,444 shares of the company's stock after buying an additional 1,156,716 shares during the quarter. IDEAYA Biosciences makes up approximately 0.6% of Baker BROS. Advisors LP's portfolio, making the stock its 19th largest position. Baker BROS. Advisors LP owned approximately 3.74% of IDEAYA Biosciences worth $89,125,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in IDYA. Royal Bank of Canada lifted its position in shares of IDEAYA Biosciences by 30.1% in the 1st quarter. Royal Bank of Canada now owns 122,460 shares of the company's stock valued at $2,006,000 after acquiring an additional 28,322 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in IDEAYA Biosciences by 8.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,044 shares of the company's stock worth $938,000 after purchasing an additional 4,308 shares during the period. Millennium Management LLC grew its position in IDEAYA Biosciences by 345.2% during the 1st quarter. Millennium Management LLC now owns 547,637 shares of the company's stock worth $8,970,000 after purchasing an additional 424,625 shares in the last quarter. Envestnet Asset Management Inc. grew its position in IDEAYA Biosciences by 12.1% during the 2nd quarter. Envestnet Asset Management Inc. now owns 109,155 shares of the company's stock worth $2,294,000 after purchasing an additional 11,752 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in IDEAYA Biosciences by 17.3% during the 2nd quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 8,774 shares of the company's stock valued at $184,000 after purchasing an additional 1,291 shares during the period. Institutional investors and hedge funds own 98.29% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. Citigroup increased their target price on IDEAYA Biosciences from $64.00 to $65.00 and gave the company a "buy" rating in a report on Thursday, February 19th. UBS Group started coverage on IDEAYA Biosciences in a report on Wednesday, January 7th. They set a "buy" rating and a $50.00 price target on the stock. Cantor Fitzgerald reissued an "overweight" rating on shares of IDEAYA Biosciences in a research report on Wednesday, February 18th. Wall Street Zen downgraded IDEAYA Biosciences from a "buy" rating to a "sell" rating in a research note on Saturday, February 21st. Finally, Wedbush raised their price objective on IDEAYA Biosciences from $49.00 to $52.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 18th. Fifteen investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $48.69.

Insiders Place Their Bets

In other news, Director Jeffrey Stein bought 50,000 shares of the company's stock in a transaction on Monday, March 2nd. The shares were bought at an average cost of $32.96 per share, with a total value of $1,648,000.00. Following the transaction, the director directly owned 54,281 shares in the company, valued at approximately $1,789,101.76. This trade represents a 1,167.95% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.50% of the stock is currently owned by insiders.

IDEAYA Biosciences Stock Up 0.8%

IDEAYA Biosciences stock opened at $33.09 on Friday. IDEAYA Biosciences, Inc. has a 12 month low of $13.45 and a 12 month high of $39.28. The stock has a market cap of $2.91 billion, a P/E ratio of -25.26 and a beta of 0.09. The company's fifty day simple moving average is $33.80 and its 200-day simple moving average is $31.51.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last announced its quarterly earnings data on Tuesday, February 17th. The company reported ($0.94) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.03) by $0.09. The firm had revenue of $21.75 million for the quarter, compared to analysts' expectations of $5.95 million. IDEAYA Biosciences's revenue was up 55.7% on a year-over-year basis. During the same quarter in the prior year, the business posted ($1.49) earnings per share. On average, equities research analysts expect that IDEAYA Biosciences, Inc. will post -3.07 earnings per share for the current fiscal year.

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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