The Manufacturers Life Insurance Company Takes Position in IDEAYA Biosciences, Inc. $IDYA

Key Points

• The Manufacturers Life Insurance Company acquired 107,585 shares of IDEAYA Biosciences worth approximately $4.01 million, joining other institutions that increased their positions. Institutional investors and hedge funds collectively own 98.29% of the company.
• IDEAYA reported a quarterly loss of $1.22 per share, missing estimates by $0.16, although revenue reached $8.86 million and surged 8,800% year over year. Analysts expect a full-year loss of approximately $4.38 per share.
• The stock opened at $39.95, near its 12-month high of $42.68. Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $50.19, despite some target reductions and one sell rating.

The Manufacturers Life Insurance Company bought a new position in shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 107,585 shares of the company's stock, valued at approximately $4,010,000. The Manufacturers Life Insurance Company owned 0.12% of IDEAYA Biosciences at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Royal Bank of Canada boosted its stake in 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 purchasing an additional 28,322 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in IDEAYA Biosciences by 8.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 57,044 shares of the company's stock worth $938,000 after buying an additional 4,308 shares during the period. Millennium Management LLC increased 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 buying an additional 424,625 shares during the period. American Century Companies Inc. lifted its holdings in shares of IDEAYA Biosciences by 862.7% during the second quarter. American Century Companies Inc. now owns 114,644 shares of the company's stock worth $2,410,000 after buying an additional 102,736 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of IDEAYA Biosciences during the second quarter worth $643,000. 98.29% of the stock is owned by institutional investors and hedge funds.

IDEAYA Biosciences Trading Down 0.4%

Shares of NASDAQ:IDYA opened at $39.95 on Wednesday. The firm has a 50 day moving average of $37.38 and a 200-day moving average of $33.28. IDEAYA Biosciences, Inc. has a 12 month low of $23.23 and a 12 month high of $42.68. The stock has a market capitalization of $3.51 billion, a PE ratio of -20.59 and a beta of -0.07.

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

Insiders Place Their Bets

In other IDEAYA Biosciences news, CAO Briseno Andres Ruiz sold 9,550 shares of the company's stock in a transaction 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 directly owned 26,466 shares in the company, valued at $1,058,904.66. This represents a 26.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.70% of the stock is owned by insiders.

Analysts Set New Price Targets

IDYA has been the subject of a number of recent research reports. Royal Bank Of Canada reduced their target price 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. Citigroup reiterated a "market outperform" rating on shares of IDEAYA Biosciences in a research note on Tuesday. Citizens Jmp reissued a "market outperform" rating and issued a $42.00 price objective on shares of IDEAYA Biosciences in a report on Tuesday. Truist Financial decreased their target price on shares of IDEAYA Biosciences from $63.00 to $59.00 and set a "buy" rating on the stock in a research report on Wednesday, August 5th. Finally, Wall Street Zen cut shares of IDEAYA Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Sixteen investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $50.19.

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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