5 Pharmaceutical Stocks to Buy Now According to Billionaire Kerr Neilson

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

Stake Value of Platinum Asset Management: $20,829,000

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

Number of Hedge Fund Holders: 14

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) is an oncology-focused precision medicine company engaged in the discovery and development of therapeutics for patient populations selected using molecular diagnostics. On March 15, 2022, IDEAYA Biosciences, Inc. (NASDAQ:IDYA) reported quarterly revenues of $2.96 million for the fiscal fourth quarter of 2021.

This March, Stifel analyst Benjamin Burnett upgraded Ideaya Biosciences, Inc. (NASDAQ:IDYA) to Buy from Hold with a price target of $20, down from $27. Burnett commented that he sees one in three people being successfully treated with the company’s leading synthetic lethality program, IDE397. The analyst noted that the stock now has a more favorable risk/reward ratio and can prove to be a valuable investment in the long term.

IDEAYA Biosciences, Inc. (NASDAQ:IDYA) is rising in popularity among elite hedge funds. By the close of Q4 2021, 14 hedge funds were bullish on IDEAYA Biosciences, Inc. (NASDAQ:IDYA) having stakes of more than $187 million in the company. This is compared to 11 hedge funds in Q3 2021, with stakes worth $131.83 million. The hedge fund sentiment for the stock is positive.