Squarepoint Ops LLC Has $940,000 Holdings in IDEAYA Biosciences, Inc. $IDYA

Key Points

• Squarepoint Ops LLC cut its IDEAYA Biosciences stake by 74.6% in the second quarter, selling 74,060 shares and retaining 25,218 shares valued at approximately $940,000.
• Institutional ownership remains very high at 98.29%, with BlackRock, Jupiter Topco, and Bank of America establishing significant new positions during the quarter.
• Analysts remain broadly bullish, with 13 Buy ratings and a consensus price target of $52.69; however, IDEAYA missed quarterly EPS expectations despite reporting sharply higher revenue.

Squarepoint Ops LLC reduced its holdings in IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Free Report) by 74.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 25,218 shares of the company's stock after selling 74,060 shares during the period. Squarepoint Ops LLC's holdings in IDEAYA Biosciences were worth $940,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in IDEAYA Biosciences during the 2nd quarter worth approximately $331,452,000. Jupiter Topco LLC acquired a new position in IDEAYA Biosciences during the second quarter worth $319,728,000. Bank of America Corp DE acquired a new position in shares of IDEAYA Biosciences during the 2nd quarter worth about $38,244,000. First Turn Management LLC acquired a new position in IDEAYA Biosciences during the fourth quarter valued at approximately $25,017,000. Finally, Fiera Capital Corp boosted its holdings in shares of IDEAYA Biosciences by 32.6% in the 4th quarter. Fiera Capital Corp now owns 2,437,262 shares of the company's stock valued at $84,256,000 after buying an additional 599,295 shares during the last quarter. Institutional investors own 98.29% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on IDYA shares. Royal Bank Of Canada decreased their price objective on shares of IDEAYA Biosciences from $53.00 to $48.00 and set an "outperform" rating for the company in a research report on Tuesday, July 7th. Wedbush lifted their price target on IDEAYA Biosciences from $58.00 to $60.00 and gave the stock an "outperform" rating in a report on Wednesday, August 5th. Guggenheim upped their price objective on IDEAYA Biosciences from $54.00 to $57.00 and gave the company a "buy" rating in a research note on Wednesday, September 9th. Truist Financial cut their price objective on IDEAYA Biosciences from $63.00 to $59.00 and set a "buy" rating for the company in a research report on Wednesday, August 5th. Finally, Citigroup reiterated a "market outperform" rating on shares of IDEAYA Biosciences in a research note on Tuesday, September 1st. Thirteen analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $52.69.

IDEAYA Biosciences Stock Performance

NASDAQ IDYA opened at $38.61 on Friday. The stock has a market cap of $3.39 billion, a PE ratio of -19.90 and a beta of -0.07. The firm has a 50-day moving average of $37.67 and a 200-day moving average of $33.88. IDEAYA Biosciences, Inc. has a 52-week low of $24.95 and a 52-week high of $42.68.

IDEAYA Biosciences (NASDAQ:IDYA - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The company reported ($1.22) EPS for the quarter, missing analysts' consensus estimates of ($1.06) by ($0.16). The company had revenue of $8.86 million during the quarter, compared to analyst estimates of $8.02 million. IDEAYA Biosciences had a negative net margin of 75.93% and a negative return on equity of 16.73%. The firm's quarterly revenue was up 8800.0% on a year-over-year basis. During the same quarter last year, the company posted ($0.88) EPS. As a group, analysts predict that IDEAYA Biosciences, Inc. will post -4.38 EPS for the current fiscal year.

Insider Activity

In other news, CAO Andres Ruiz Briseno sold 9,550 shares of the business's stock in a transaction that occurred on Tuesday, July 7th. The stock was 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 owned 26,466 shares in the company, valued at $1,058,904.66. The trade was a 26.52% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.70% of the stock is currently owned by corporate insiders.

About IDEAYA Biosciences

IDEAYA Biosciences, Inc is a clinical-stage biotechnology company focused on developing precision medicines for cancer. The company uses insights from tumor genetics and synthetic lethality—the targeting of vulnerabilities created by specific genetic alterations—to identify therapies intended for molecularly defined patient populations.

IDEAYA's investigational pipeline includes darovasertib (IDE196), a protein kinase C inhibitor being studied in genetically defined cancers, including metastatic uveal melanoma associated with GNAQ or GNA11 mutations.

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