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

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) gapped up prior to trading on Thursday after the company announced better than expected quarterly earnings. 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 the consensus estimate of ($0.20) by $0.58. The business had revenue of $93.76 million during the quarter, compared to analyst estimates of $15.05 million. During the same period last year, the company earned ($0.54) EPS.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Day One Biopharmaceuticals

In other Day One Biopharmaceuticals news, insider Samuel C. Blackman sold 30,000 shares of the business’s stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $14.22, for a total value of $426,600.00. Following the completion of the sale, the insider now owns 1,097,535 shares of the company’s stock, valued at $15,606,947.70. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Samuel C. Blackman sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $14.22, for a total value of $426,600.00. Following the completion of the transaction, the insider now directly owns 1,097,535 shares in the company, valued at approximately $15,606,947.70. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Charles N. York II sold 2,633 shares of the business’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 transaction of $36,862.00. Following the completion of the transaction, the chief financial officer now owns 232,485 shares of the company’s stock, valued at $3,254,790. The trade was 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 valued at $689,072 in the last quarter. Company insiders own 8.40% of the company’s stock.

Hedge Funds Weigh In On Day One Biopharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in DAWN. Mirae Asset Global Investments Co. Ltd. increased its position in Day One Biopharmaceuticals by 38.4% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,611 shares of the company’s stock worth $51,000 after purchasing an additional 1,002 shares in the last quarter. SG Americas Securities LLC acquired a new position in Day One Biopharmaceuticals during the 2nd quarter worth approximately $113,000. Point72 DIFC Ltd acquired a new position in Day One Biopharmaceuticals during the 2nd quarter worth approximately $124,000. Hsbc Holdings PLC acquired a new position in Day One Biopharmaceuticals in the 2nd quarter valued at approximately $163,000. Finally, SteelPeak Wealth LLC acquired a new position in Day One Biopharmaceuticals in the 2nd quarter valued at approximately $218,000. 87.95% of the stock is currently owned by institutional investors and hedge funds.

Day One Biopharmaceuticals Trading Up 6.4 %

The company’s 50-day simple moving average is $14.16 and its 200-day simple moving average is $14.38. The stock has a market capitalization of $1.35 billion, a price-to-earnings ratio of -7.42 and a beta of -1.51.

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.