IDEAYA Biosciences falls on $300 mln stock sale plans

Revolution Medicines

08/06/2026 22:08

** IDEAYA Biosciences' IDYA.O shares down 7.9% in extended trading to $29 on planned equity raise
** IDYA announces $300 mln offering of stock and pre-funded warrants 
** JP Morgan, Jefferies, TD Cowen, UBS and Cantor joint bookrunners
** Co intends to use net offering proceeds for clinical development/potential commercialization of its drug darovasertib for uveal melanoma, advance its broader pipeline of oncology product candidates, and general purposes, per the prospectus
** Last week, IDYA announced clinical collaboration with Swiss pharma giant Roche ROPC.S in combination study in MTAP-deleted RAS-mutant pancreatic cancer
** IDYA shares appeared to get a boost on Mon, closing up 11.3% at $31.48, after Tango Pharmaceuticals' TNGX.O experimental pancreatic cancer drug vopimetostat, in combination with Revolution Medicines' RVMD.O daraxonrasib, showed strong early results in a small study
** With ~87.9 mln shares outstanding, South San Francisco, California-based IDYA has roughly $2.8 bln current market cap
** At Mon close, shares down ~9% YTD
** 17 of 19 analysts rate the stock "strong buy" or "buy", 2 "hold"; median PT $50, according to LSEG data

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))