Platinum Investment Management Ltd. Has $3.51 Million Stake in IDEAYA Biosciences, Inc. $IDYA

Key Points

• Platinum Investment Management Ltd. increased its stake in IDEAYA Biosciences by 9.3% in Q2, owning 166,917 shares worth approximately $3.51 million.
• Various institutional investors, including Oppenheimer Asset Management and Rhumbline Advisers, have also shown increased interest in IDEAYA Biosciences, indicating strong institutional support with 98.29% of the stock currently held by such investors.
• Analysts are optimistic about IDEAYA Biosciences, with a consensus rating of "Moderate Buy" and an average price target of $43.36, supported by multiple upgrades from firms like Barclays and Oppenheimer.

Platinum Investment Management Ltd. lifted its stake in IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Free Report) by 9.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 166,917 shares of the company's stock after purchasing an additional 14,204 shares during the quarter. Platinum Investment Management Ltd. owned 0.19% of IDEAYA Biosciences worth $3,509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Oppenheimer Asset Management Inc. boosted its stake in shares of IDEAYA Biosciences by 33.2% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 11,560 shares of the company's stock valued at $189,000 after buying an additional 2,884 shares during the period. Rhumbline Advisers boosted its position in IDEAYA Biosciences by 9.6% during the first quarter. Rhumbline Advisers now owns 124,437 shares of the company's stock valued at $2,038,000 after purchasing an additional 10,876 shares during the last quarter. Palumbo Wealth Management LLC boosted its position in IDEAYA Biosciences by 65.8% during the first quarter. Palumbo Wealth Management LLC now owns 22,402 shares of the company's stock valued at $367,000 after purchasing an additional 8,893 shares during the last quarter. American Century Companies Inc. acquired a new stake in IDEAYA Biosciences during the first quarter valued at $195,000. Finally, Swiss National Bank boosted its position in IDEAYA Biosciences by 0.8% during the first quarter. Swiss National Bank now owns 150,800 shares of the company's stock valued at $2,470,000 after purchasing an additional 1,200 shares during the last quarter. 98.29% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Barclays assumed coverage on IDEAYA Biosciences in a report on Thursday, September 4th. They set an "overweight" rating and a $40.00 price target for the company. The Goldman Sachs Group raised shares of IDEAYA Biosciences to a "hold" rating and set a $25.00 target price for the company in a research report on Thursday, July 10th. Stephens reissued an "overweight" rating and issued a $45.00 target price on shares of IDEAYA Biosciences in a research report on Tuesday, September 9th. Cantor Fitzgerald reiterated an "overweight" rating on shares of IDEAYA Biosciences in a report on Tuesday, September 9th. Finally, Oppenheimer set a $36.00 price objective on shares of IDEAYA Biosciences and gave the stock an "outperform" rating in a report on Monday, September 8th. Fourteen research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $43.36.

IDEAYA Biosciences Trading Up 0.6%

NASDAQ IDYA opened at $27.36 on Thursday. The company has a fifty day simple moving average of $24.93 and a 200 day simple moving average of $21.36. The company has a market cap of $2.40 billion, a P/E ratio of -7.22 and a beta of 0.14. IDEAYA Biosciences, Inc. has a 1 year low of $13.45 and a 1 year high of $32.67.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The company reported ($0.88) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.85) by ($0.03). The business had revenue of $6.00 million for the quarter, compared to the consensus estimate of $3.48 million. During the same period last year, the business earned ($0.68) EPS. IDEAYA Biosciences's revenue for the quarter was up NaN% on a year-over-year basis. Equities research analysts forecast that IDEAYA Biosciences, Inc. will post -3.07 EPS for the current fiscal year.

IDEAYA Biosciences Company Profile

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.

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