IDEAYA Prices 4.6M Common Stock Offering; Street Says Buy


IDEAYA Biosciences, Inc. (IDYA) announced the pricing of an underwritten public offering of its approximately 4.6 million shares of common stock at $17.25 per share. The stated price excludes underwriting discounts and commissions.

The company has given underwriters 30 days to purchase up to an additional 695,652 shares of IDEAYA’s common stock worth $12 million at the public offering price.

Notably, the company expects gross proceeds of about $80 million from the offering, before deducting underwriting discounts and commissions and other offering expenses payable by IDEAYA. (See IDEAYA stock chart on TipRanks)

The proceeds, along with its available cash, cash equivalents and short-term and long-term marketable securities, are expected to be used in funding clinical development of IDE397, preclinical and clinical development of other product candidates in its research pipeline and other general corporate purposes.

The offering is expected to close by July 12, 2021, subject to customary closing conditions. J.P. Morgan, Citigroup, Jefferies and Guggenheim Securities are acting as joint book-running managers for the offering.

Northland Securities analyst Tim Chiang recently reiterated a Buy rating on the stock with a price target of $32 (76.7% upside potential from current levels).

Chiang said, “IDEAYA has a pipeline of targeted therapeutics for patients with genetically defined tumors. With IDYA partnered with GlaxoSmithKline on a number of synthetic lethality targets, including IDE397, we think IDYA is well-positioned to receive future milestones and royalties longer term.”

Consensus among analysts is a Strong Buy based on 7 unanimous Buys. The average IDEAYA price target stands at $32.14 and implies upside potential of 77.5% from current levels.

Related News:
Check Point Extends Multi-Cloud Support by Integrating its CloudGuard with Alibaba Cloud
Yandex Enters Scooter Rental Business
Alipay Blocks New Users Access to DiDi’s Micro Software – Report

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts