Day One Biopharmaceuticals (NASDAQ:DAWN) Announces Quarterly Earnings Results, Beats Expectations By $0.06 EPS

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) EPS for the quarter, beating the consensus estimate of ($0.35) by $0.06, Zacks reports. Day One Biopharmaceuticals had a negative net margin of 42.66% and a negative return on equity of 14.98%.

Day One Biopharmaceuticals Trading Up 2.1%

DAWN stock traded up $0.14 during trading on Tuesday, hitting $6.88. The company had a trading volume of 4,393,601 shares, compared to its average volume of 1,302,168. The business has a 50 day moving average of $6.71 and a 200 day moving average of $8.16. Day One Biopharmaceuticals has a fifty-two week low of $6.08 and a fifty-two week high of $16.76. The firm has a market capitalization of $697.36 million, a price-to-earnings ratio of -9.69 and a beta of -1.26.

Insiders Place Their Bets

In other news, CFO Charles N. York II sold 4,282 shares of the company's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.26, for a total value of $26,805.32. Following the transaction, the chief financial officer owned 265,231 shares in the company, valued at $1,660,346.06. This represents a 1.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Adam Dubow sold 4,552 shares of the business's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $6.26, for a total value of $28,495.52. Following the completion of the sale, the general counsel directly owned 47,136 shares of the company's stock, valued at approximately $295,071.36. The trade was a 8.81% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,725 shares of company stock worth $167,299. 6.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Day One Biopharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Jane Street Group LLC bought a new stake in Day One Biopharmaceuticals in the 1st quarter valued at approximately $245,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Day One Biopharmaceuticals by 6.0% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,992 shares of the company's stock valued at $302,000 after acquiring an additional 2,149 shares during the period. Royal Bank of Canada lifted its position in shares of Day One Biopharmaceuticals by 40.4% during the 1st quarter. Royal Bank of Canada now owns 185,733 shares of the company's stock worth $1,474,000 after buying an additional 53,459 shares during the last quarter. AQR Capital Management LLC raised its position in Day One Biopharmaceuticals by 601.4% in the first quarter. AQR Capital Management LLC now owns 618,627 shares of the company's stock valued at $4,906,000 after purchasing an additional 530,429 shares during the last quarter. Finally, Millennium Management LLC increased 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 valued at $10,468,000 after buying an additional 1,127,995 shares during the period. Institutional investors own 87.95% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the stock. Needham & Company LLC cut their price target on shares of Day One Biopharmaceuticals from $30.00 to $27.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Wedbush reiterated an "outperform" rating and issued a $25.00 price target on shares of Day One Biopharmaceuticals in a report on Wednesday, May 7th. Six equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $29.00.

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.

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