Redmile Group LLC Lowers Position in IDEAYA Biosciences, Inc. $IDYA

Key Points

• Redmile Group LLC reduced its stake in IDEAYA Biosciences by 13.7%, now holding 534,600 shares after selling 84,700 shares in the first quarter.
• IDEAYA stock saw a 1.5% decline, opening at $24.55, despite the company reporting higher revenue of $6 million but missing EPS estimates for the latest quarter.
• Analysts have a consensus rating of "Moderate Buy" for IDEAYA Biosciences, with price targets ranging from $25.00 to $72.00, reflecting mixed outlooks for the stock.

Redmile Group LLC reduced its stake in IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Free Report) by 13.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 534,600 shares of the company's stock after selling 84,700 shares during the quarter. IDEAYA Biosciences comprises approximately 0.8% of Redmile Group LLC's portfolio, making the stock its 25th biggest holding. Redmile Group LLC owned approximately 0.61% of IDEAYA Biosciences worth $8,757,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of IDYA. CWM LLC grew its position in IDEAYA Biosciences by 325.7% during the first quarter. CWM LLC now owns 2,371 shares of the company's stock valued at $39,000 after acquiring an additional 1,814 shares during the last quarter. PNC Financial Services Group Inc. boosted its holdings in IDEAYA Biosciences by 180.2% in the first quarter. PNC Financial Services Group Inc. now owns 2,404 shares of the company's stock valued at $39,000 after acquiring an additional 1,546 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of IDEAYA Biosciences during the 4th quarter valued at $47,000. Signaturefd LLC boosted its holdings in shares of IDEAYA Biosciences by 374.8% during the 1st quarter. Signaturefd LLC now owns 2,877 shares of the company's stock valued at $47,000 after buying an additional 2,271 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in IDEAYA Biosciences by 46.4% in the 1st quarter. Exchange Traded Concepts LLC now owns 6,659 shares of the company's stock worth $109,000 after purchasing an additional 2,112 shares in the last quarter. 98.29% of the stock is currently owned by institutional investors.

IDEAYA Biosciences Stock Performance

IDYA traded up $1.33 on Friday, hitting $27.16. The company had a trading volume of 1,643,489 shares, compared to its average volume of 909,753. The stock has a fifty day moving average price of $23.66 and a 200-day moving average price of $20.64. IDEAYA Biosciences, Inc. has a 12-month low of $13.45 and a 12-month high of $37.99. The stock has a market capitalization of $2.38 billion, a price-to-earnings ratio of -7.17 and a beta of 0.12.

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

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on IDYA. JPMorgan Chase & Co. upped their price target on shares of IDEAYA Biosciences from $72.00 to $74.00 and gave the stock an "overweight" rating in a research note on Wednesday. Barclays initiated coverage on IDEAYA Biosciences in a research note on Thursday. They issued an "overweight" rating and a $40.00 price target for the company. Wells Fargo & Company started coverage on IDEAYA Biosciences in a research report on Thursday, June 26th. They set an "overweight" rating and a $44.00 target price for the company. Citigroup began coverage on IDEAYA Biosciences in a research report on Thursday. They issued an "outperform" rating for the company. Finally, JMP Securities assumed coverage on IDEAYA Biosciences in a research note on Thursday. They issued a "market outperform" rating and a $41.00 target price on the stock. Twelve research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $45.77.

IDEAYA Biosciences 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.