Day One Biopharmaceuticals (NASDAQ:DAWN) Shares Gap Up After Earnings Beat

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN)’s stock price gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $14.47, but opened at $15.93. Day One Biopharmaceuticals shares last traded at $14.64, with a volume of 442,443 shares changing hands.

The company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.58. The company had revenue of $93.76 million for the quarter, compared to analyst estimates of $15.05 million. During the same quarter in the prior year, the business earned ($0.54) earnings per share.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on DAWN shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Day One Biopharmaceuticals in a research note on Thursday. Piper Sandler reiterated an “overweight” rating and set a $40.00 price target on shares of Day One Biopharmaceuticals in a research note on Monday, July 8th. Bank of America raised shares of Day One Biopharmaceuticals from an “underperform” rating to a “buy” rating and raised their price objective for the company from $11.00 to $24.00 in a research note on Thursday, August 1st. JPMorgan Chase & Co. cut their target price on shares of Day One Biopharmaceuticals from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. Finally, Wedbush reiterated an “outperform” rating and set a $33.00 target price on shares of Day One Biopharmaceuticals in a report on Thursday, July 25th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $35.71.

Insider Buying and Selling

In other news, CFO Charles N. York II sold 2,633 shares of the firm’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $14.00, for a total value of $36,862.00. Following the sale, the chief financial officer now directly owns 232,485 shares in the company, valued at approximately $3,254,790. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Samuel C. Blackman sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $14.22, for a total transaction of $426,600.00. Following the completion of the sale, the insider now owns 1,097,535 shares in the company, valued at $15,606,947.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Charles N. York II sold 2,633 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $14.00, for a total value of $36,862.00. Following the completion of the transaction, the chief financial officer now directly owns 232,485 shares of the company’s stock, valued at $3,254,790. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 48,748 shares of company stock worth $689,072 over the last 90 days. 8.40% of the stock is owned by insiders.

Institutional Trading of Day One Biopharmaceuticals

Several institutional investors have recently modified their holdings of the stock. Deerfield Management Company L.P. Series C raised its stake in Day One Biopharmaceuticals by 65.6% during the 2nd quarter. Deerfield Management Company L.P. Series C now owns 2,923,137 shares of the company’s stock worth $40,281,000 after acquiring an additional 1,157,825 shares in the last quarter. Estuary Capital Management LP increased its position in shares of Day One Biopharmaceuticals by 82.5% during the first quarter. Estuary Capital Management LP now owns 1,611,137 shares of the company’s stock worth $26,616,000 after purchasing an additional 728,240 shares in the last quarter. Ally Bridge Group NY LLC acquired a new stake in shares of Day One Biopharmaceuticals in the 2nd quarter valued at about $7,387,000. Point72 Asset Management L.P. purchased a new position in Day One Biopharmaceuticals during the 2nd quarter worth approximately $6,480,000. Finally, Janus Henderson Group PLC increased its position in Day One Biopharmaceuticals by 19.8% during the first quarter. Janus Henderson Group PLC now owns 2,032,384 shares of the company’s stock worth $33,575,000 after buying an additional 336,281 shares during the period. Hedge funds and other institutional investors own 87.95% of the company’s stock.

Day One Biopharmaceuticals Price Performance

The company has a market cap of $1.29 billion, a PE ratio of -7.55 and a beta of -1.51. The stock has a 50 day simple moving average of $14.18 and a two-hundred day simple moving average of $14.39.

About Day One Biopharmaceuticals

Day One Biopharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops and commercializes targeted therapies for patients with genomically defined cancers. Its lead product candidate is tovorafenib, an oral brain-penetrant type II pan-rapidly accelerated fibrosarcoma kinase inhibitor that is in Phase II clinical trial for pediatric patients with relapsed/ refractory low-grade glioma.