Day One Biopharmaceuticals (NASDAQ:DAWN) Reaches New 12-Month High - Here's Why

Key Points

• 52-week high: Shares of Day One Biopharmaceuticals jumped to $21.16 (up about 65.2% intraday) on heavy volume, giving the company a market capitalization of roughly $2.18 billion.
• Mixed results and analyst view: The company posted an EPS miss of ($0.21) vs. ($0.17) expected but beat revenue estimates ($53.72M vs. $49.81M), and analysts hold a consensus Moderate Buy with an average price target of $26.14.
• Insider selling amid heavy institutional ownership: Insiders (including the CEO) sold material positions recently—36,461 shares over 90 days—while institutional investors own about 87.95% of the stock.

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN - Get Free Report) hit a new 52-week high on Friday . The company traded as high as $21.16 and last traded at $21.16, with a volume of 9412874 shares trading hands. The stock had previously closed at $12.78.

Analyst Ratings Changes

DAWN has been the subject of a number of recent research reports. Zacks Research cut shares of Day One Biopharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, February 25th. TD Cowen assumed coverage on Day One Biopharmaceuticals in a report on Tuesday, January 13th. They set a "buy" rating and a $34.00 target price on the stock. JPMorgan Chase & Co. upped their price target on Day One Biopharmaceuticals from $26.00 to $27.00 and gave the company an "overweight" rating in a research report on Friday, November 7th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Day One Biopharmaceuticals in a research report on Monday, December 29th. Finally, Wedbush boosted their price objective on Day One Biopharmaceuticals from $29.00 to $30.00 and gave the stock an "outperform" rating in a research note on Wednesday, February 25th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $26.14.

Day One Biopharmaceuticals Trading Up 65.2%

The firm has a market capitalization of $2.18 billion, a PE ratio of -20.50 and a beta of -1.25. The business has a fifty day moving average price of $10.87 and a two-hundred day moving average price of $8.95.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) last posted its earnings results on Tuesday, February 24th. The company reported ($0.21) EPS for the quarter, missing analysts' consensus estimates of ($0.17) by ($0.04). The company had revenue of $53.72 million during the quarter, compared to analyst estimates of $49.81 million. Day One Biopharmaceuticals had a negative net margin of 67.85% and a negative return on equity of 23.43%. On average, equities analysts forecast that Day One Biopharmaceuticals, Inc. will post -0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Michael Vasconcelles sold 2,728 shares of the firm's stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $11.60, for a total value of $31,644.80. Following the sale, the insider directly owned 4,397 shares in the company, valued at approximately $51,005.20. This trade represents a 38.29% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Jeremy Bender sold 15,459 shares of the business's stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $11.60, for a total transaction of $179,324.40. Following the transaction, the chief executive officer owned 204,603 shares of the company's stock, valued at approximately $2,373,394.80. The trade was a 7.02% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 36,461 shares of company stock valued at $422,948. 6.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Day One Biopharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in Day One Biopharmaceuticals by 26.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,989 shares of the company's stock worth $46,000 after buying an additional 1,029 shares during the period. Federated Hermes Inc. purchased a new position in shares of Day One Biopharmaceuticals during the third quarter worth approximately $39,000. Quarry LP acquired a new position in shares of Day One Biopharmaceuticals in the 3rd quarter valued at $49,000. Ameritas Investment Partners Inc. raised its position in Day One Biopharmaceuticals by 44.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,349 shares of the company's stock valued at $48,000 after purchasing an additional 2,264 shares during the last quarter. Finally, CWM LLC raised its position in Day One Biopharmaceuticals by 32.4% in the 4th quarter. CWM LLC now owns 8,373 shares of the company's stock valued at $78,000 after purchasing an additional 2,051 shares during the last quarter. 87.95% of the stock is currently owned by institutional investors and hedge funds.

About Day One Biopharmaceuticals

Day One Biopharmaceuticals, Inc NASDAQ: DAWN is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted therapies for oncology. The company employs a precision medicine approach, leveraging biomarker-driven strategies to identify patient populations most likely to respond to its investigational compounds. By concentrating on well-validated molecular drivers of cancer, Day One seeks to deliver first-in-class or best-in-class therapies with the potential for meaningful clinical benefit.

The company's pipeline includes several small-molecule candidates in various stages of development.

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