5 Biotech Stocks to Buy Today According to Kerr Neilson’s Platinum Asset Management

3. IDEAYA Biosciences, Inc. (NASDAQ:IDYA)

Platinum Asset Management’s Stake Value: $20.8 million

Percentage of Platinum Asset Management’s 13F Portfolio: 0.57%

Number of Hedge Fund Holders: 14

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) is a cancer treatment developer and provider that is headquartered in San Francisco. California, United States. The company’s treatments target several different kinds of cancers such as those resulting from genetic mutations or specific molecular signatures.

By the end of the fourth quarter of last year, Platinum Asset Management owned a $20.8 million stake in IDEAYA Biosciences, Inc. (NASDAQ:IDYA). This came in the form of 881,085 shares and it represented 0.57% of the firm’s investment portfolio. Insider Monkey’s Q4 2021 survey of 924 hedge funds revealed that 14 had invested in the firm.

For its fiscal fourth quarter, IDEAYA Biosciences, Inc. (NASDAQ:IDYA) revealed that it had earned $2.96 million in revenue and -$0.47 in GAAP EPS, in a weak set of results that saw it miss analyst estimates for both metrics. Stifel lowered its price target to $17 from $20 in March 2022, outlining that a lower probability of success for a cancer treatment influenced the decision.

IDEAYA Biosciences, Inc. (NASDAQ:IDYA)’s largest investor is David Witzke and Michael Gregory’s Avidity Partners Management which owns 2.5 million shares worth $60 million.