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

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN)’s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. 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 (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.58. The company had revenue of $93.76 million for the quarter, compared to analysts’ expectations of $15.05 million. During the same period in the prior year, the business earned ($0.54) EPS.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. Piper Sandler restated an “overweight” rating and set a $40.00 price target on shares of Day One Biopharmaceuticals in a research note on Monday, July 8th. Wedbush restated an “outperform” rating and set a $33.00 price objective on shares of Day One Biopharmaceuticals in a research report on Thursday, July 25th. Needham & Company LLC restated a “buy” rating and issued a $33.00 target price on shares of Day One Biopharmaceuticals in a research note on Thursday. Bank of America upgraded shares of Day One Biopharmaceuticals from an “underperform” rating to a “buy” rating and boosted their price target for the stock from $11.00 to $24.00 in a research note on Thursday, August 1st. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Day One Biopharmaceuticals from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Day One Biopharmaceuticals currently has a consensus rating of “Moderate Buy” and an average price target of $35.71.

Insider Activity

In related news, CFO Charles N. York II sold 2,633 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $14.00, for a total transaction of $36,862.00. Following the sale, the chief financial officer now owns 232,485 shares of the company’s stock, valued at approximately $3,254,790. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Samuel C. Blackman sold 2,232 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $14.00, for a total value of $31,248.00. Following the completion of the transaction, the insider now owns 1,127,535 shares in the company, valued at $15,785,490. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Charles N. York II sold 2,633 shares of Day One Biopharmaceuticals stock in a transaction on Friday, August 16th. The stock was sold at an average price of $14.00, for a total value of $36,862.00. Following 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 position. The disclosure for this sale can be found here. Insiders sold 48,748 shares of company stock worth $689,072 in the last 90 days. 8.40% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Day One Biopharmaceuticals

Several hedge funds have recently added to or reduced their stakes in DAWN. ProShare Advisors LLC grew its position in shares of Day One Biopharmaceuticals by 9.1% in the first quarter. ProShare Advisors LLC now owns 17,379 shares of the company’s stock valued at $287,000 after purchasing an additional 1,447 shares during the last quarter. Summit Rock Advisors LP acquired a new stake in Day One Biopharmaceuticals during the 1st quarter valued at $851,000. Altitude Crest Partners Inc. purchased a new position in Day One Biopharmaceuticals during the first quarter worth $3,230,000. Estuary Capital Management LP raised its holdings in shares of Day One Biopharmaceuticals by 82.5% in the first quarter. Estuary Capital Management LP now owns 1,611,137 shares of the company’s stock worth $26,616,000 after acquiring an additional 728,240 shares during the last quarter. Finally, Bayesian Capital Management LP purchased a new stake in shares of Day One Biopharmaceuticals in the first quarter valued at $221,000. 87.95% of the stock is currently owned by hedge funds and other institutional investors.

Day One Biopharmaceuticals Stock Up 1.7 %

The firm has a market cap of $1.29 billion, a price-to-earnings ratio of -7.55 and a beta of -1.51. The business has a 50 day moving average of $14.18 and a 200 day moving average of $14.39.

Day One Biopharmaceuticals Company Profile

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.