Day One Biopharmaceuticals (NASDAQ:DAWN) Announces Quarterly Earnings Results

Key Points

• Day One Biopharmaceuticals reported Q1 earnings of ($0.29) EPS, surpassing expectations by $0.06 against a consensus estimate of ($0.35).
• The stock price of Day One Biopharmaceuticals increased by 2.1% following the earnings announcement, trading at $6.88 with a market capitalization of $697.36 million.
• Hedge funds have shown increased interest, with significant stake acquisitions, including a 601.4% increase in shares held by AQR Capital Management over the past quarter.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) released its quarterly earnings results on Tuesday. The company reported ($0.29) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.06, Zacks reports. Day One Biopharmaceuticals had a negative return on equity of 19.01% and a negative net margin of 50.63%. The company had revenue of $33.91 million for the quarter, compared to analyst estimates of $35.55 million.

Day One Biopharmaceuticals Trading Up 1.2%

NASDAQ:DAWN traded up $0.07 during trading hours on Friday, reaching $6.10. 2,121,852 shares of the company traded hands, compared to its average volume of 2,009,409. The business's 50-day moving average price is $6.70 and its two-hundred day moving average price is $8.05. The stock has a market capitalization of $624.82 million, a P/E ratio of -6.42 and a beta of -1.26. Day One Biopharmaceuticals has a 1 year low of $5.64 and a 1 year high of $16.76.

Insider Buying and Selling at Day One Biopharmaceuticals

In other news, CEO Jeremy Bender sold 13,964 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $6.26, for a total value of $87,414.64. Following the completion of the transaction, the chief executive officer owned 145,737 shares in the company, valued at $912,313.62. The trade was a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Charles N. York II sold 4,282 shares of the business's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $6.26, for a total value of $26,805.32. Following the completion of the transaction, the chief financial officer owned 265,231 shares of the company's stock, valued at $1,660,346.06. This represents a 1.59% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,725 shares of company stock worth $167,299. 6.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of DAWN. Royal Bank of Canada raised its stake in shares of Day One Biopharmaceuticals by 40.4% in the first quarter. Royal Bank of Canada now owns 185,733 shares of the company's stock worth $1,474,000 after purchasing an additional 53,459 shares during the last quarter. AQR Capital Management LLC raised its stake in shares of Day One Biopharmaceuticals by 601.4% in the first quarter. AQR Capital Management LLC now owns 618,627 shares of the company's stock worth $4,906,000 after purchasing an additional 530,429 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Day One Biopharmaceuticals by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,992 shares of the company's stock worth $302,000 after purchasing an additional 2,149 shares during the last quarter. Millennium Management LLC raised its stake in shares of Day One Biopharmaceuticals by 587.2% in the first quarter. Millennium Management LLC now owns 1,320,095 shares of the company's stock worth $10,468,000 after purchasing an additional 1,127,995 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in shares of Day One Biopharmaceuticals by 232.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,569,918 shares of the company's stock worth $12,449,000 after purchasing an additional 1,097,679 shares during the last quarter. Hedge funds and other institutional investors own 87.95% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on DAWN. Wedbush restated an "outperform" rating and set a $25.00 price target on shares of Day One Biopharmaceuticals in a research report on Wednesday, May 7th. HC Wainwright dropped their price target on Day One Biopharmaceuticals from $36.00 to $25.00 and set a "buy" rating on the stock in a research report on Wednesday. Finally, Needham & Company LLC dropped their price target on Day One Biopharmaceuticals from $18.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday. Six research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Day One Biopharmaceuticals has a consensus rating of "Buy" and an average target price of $25.33.

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.