Day One Biopharmaceuticals (NASDAQ:DAWN) Shares Gap Up After Better-Than-Expected Earnings

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) gapped up prior to trading on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $7.30, but opened at $7.91. Day One Biopharmaceuticals shares last traded at $8.2560, with a volume of 1,192,580 shares trading hands.

The company reported ($0.19) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.09. Day One Biopharmaceuticals had a negative net margin of 50.63% and a negative return on equity of 19.01%. The company had revenue of $39.80 million during the quarter, compared to the consensus estimate of $38.20 million. During the same period in the previous year, the business earned $0.38 earnings per share. The firm’s quarterly revenue was down 57.6% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on DAWN. Zacks Research upgraded shares of Day One Biopharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. HC Wainwright decreased their price objective on shares of Day One Biopharmaceuticals from $36.00 to $25.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. Piper Sandler began coverage on shares of Day One Biopharmaceuticals in a research note on Monday, August 18th. They issued an “overweight” rating and a $25.00 price objective on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Day One Biopharmaceuticals in a research note on Thursday, October 30th. Finally, Needham & Company LLC decreased their price objective on shares of Day One Biopharmaceuticals from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Day One Biopharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $25.29.

Insider Activity at Day One Biopharmaceuticals

In other Day One Biopharmaceuticals news, insider Adam Dubow sold 4,365 shares of the business’s stock in a transaction on Monday, August 18th. The shares were sold at an average price of $6.77, for a total transaction of $29,551.05. Following the sale, the insider owned 54,858 shares of the company’s stock, valued at approximately $371,388.66. The trade was a 7.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Lauren Merendino sold 3,766 shares of the business’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $6.77, for a total transaction of $25,495.82. Following the sale, the insider directly owned 41,931 shares in the company, valued at approximately $283,872.87. The trade was a 8.24% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 28,295 shares of company stock worth $191,557. Corporate insiders own 6.20% of the company’s stock.

Institutional Trading of Day One Biopharmaceuticals

Institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Day One Biopharmaceuticals in the first quarter worth $88,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Day One Biopharmaceuticals in the first quarter worth $384,000. Ieq Capital LLC bought a new stake in shares of Day One Biopharmaceuticals in the first quarter worth $294,000. Parkman Healthcare Partners LLC grew its stake in shares of Day One Biopharmaceuticals by 4.3% in the first quarter. Parkman Healthcare Partners LLC now owns 1,043,162 shares of the company’s stock worth $8,272,000 after purchasing an additional 42,688 shares during the last quarter. Finally, Allianz Asset Management GmbH bought a new stake in shares of Day One Biopharmaceuticals in the first quarter worth $198,000. Institutional investors own 87.95% of the company’s stock.

Day One Biopharmaceuticals Stock Up 12.8%

The company has a market cap of $843.22 million, a P/E ratio of -8.78 and a beta of -1.25. The firm’s 50 day moving average is $7.28 and its two-hundred day moving average is $6.93.

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.