Deerfield Management Company L.P. Series C Sells 533,179 Shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA)

Deerfield Management Company L.P. Series C lowered its stake in shares of IDEAYA Biosciences, Inc. (NASDAQ:IDYA) by 20.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,097,113 shares of the company’s stock after selling 533,179 shares during the quarter. IDEAYA Biosciences makes up approximately 1.2% of Deerfield Management Company L.P. Series C’s holdings, making the stock its 23rd biggest holding. Deerfield Management Company L.P. Series C owned about 2.77% of IDEAYA Biosciences worth $73,630,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Covestor Ltd boosted its stake in shares of IDEAYA Biosciences by 9,225.0% in the 1st quarter. Covestor Ltd now owns 1,119 shares of the company’s stock valued at $49,000 after purchasing an additional 1,107 shares during the last quarter. Quest Partners LLC bought a new position in shares of IDEAYA Biosciences in the 2nd quarter valued at about $41,000. Comerica Bank boosted its stake in shares of IDEAYA Biosciences by 723.5% in the 1st quarter. Comerica Bank now owns 1,507 shares of the company’s stock valued at $66,000 after purchasing an additional 1,324 shares during the last quarter. JTC Employer Solutions Trustee Ltd bought a new position in shares of IDEAYA Biosciences in the 1st quarter valued at about $67,000. Finally, Daiwa Securities Group Inc. boosted its stake in shares of IDEAYA Biosciences by 637.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 1,948 shares of the company’s stock valued at $68,000 after purchasing an additional 1,684 shares during the last quarter. Institutional investors own 98.29% of the company’s stock.

IDEAYA Biosciences Stock Down 3.2 %

Shares of IDYA opened at $30.37 on Thursday. The stock has a market capitalization of $2.57 billion, a P/E ratio of -15.02 and a beta of 0.84. IDEAYA Biosciences, Inc. has a twelve month low of $23.41 and a twelve month high of $47.74. The company has a 50 day moving average of $38.54 and a 200-day moving average of $39.48.

IDEAYA Biosciences (NASDAQ:IDYA) last released its earnings results on Tuesday, August 6th. The company reported ($0.68) earnings per share for the quarter, missing the consensus estimate of ($0.54) by ($0.14). IDEAYA Biosciences had a negative net margin of 483.05% and a negative return on equity of 20.52%. During the same quarter in the prior year, the firm earned ($0.50) earnings per share. On average, sell-side analysts anticipate that IDEAYA Biosciences, Inc. will post -2.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently issued reports on IDYA shares. Mizuho started coverage on shares of IDEAYA Biosciences in a research note on Monday, July 8th. They issued an “outperform” rating and a $50.00 target price on the stock. Lifesci Capital raised shares of IDEAYA Biosciences to a “strong-buy” rating in a research note on Monday, July 29th. Stifel Nicolaus increased their price target on shares of IDEAYA Biosciences from $63.00 to $68.00 and gave the company a “buy” rating in a research report on Tuesday, September 10th. Citigroup cut their price target on shares of IDEAYA Biosciences from $60.00 to $58.00 and set a “buy” rating on the stock in a research report on Tuesday, August 27th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $61.00 price target on shares of IDEAYA Biosciences in a research report on Tuesday. Twelve analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, IDEAYA Biosciences presently has an average rating of “Buy” and an average target price of $56.00.

About IDEAYA Biosciences

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.