Day One Biopharmaceuticals (NASDAQ:DAWN) Sets New 1-Year High - Here's What Happened

Key Points

• Day One Biopharmaceuticals hit a new 52-week high of $21.49 on Monday, trading around $21.48 with roughly 107,854 shares exchanged, even as the consensus analyst rating remains a Hold with an average price target of $23.29.
• In the latest quarter the company recorded an EPS miss ($-0.21 vs. -$0.17 estimate) but beat revenue forecasts ($53.72M vs. $49.81M), while remaining unprofitable with negative net margin and ROE and a market cap of $2.22 billion.
• Insiders have sold shares recently (36,461 shares in the last three months) and own 6.2% of the stock, while institutional investors hold about 87.95% of the company.

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN - Get Free Report) hit a new 52-week high during trading on Monday . The company traded as high as $21.49 and last traded at $21.4750, with a volume of 107854 shares changing hands. The stock had previously closed at $21.48.

Analyst Upgrades and Downgrades

DAWN has been the topic of a number of analyst reports. Zacks Research lowered Day One Biopharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Wednesday, February 25th. Needham & Company LLC lowered Day One Biopharmaceuticals from a "buy" rating to a "hold" rating in a report on Friday, March 6th. Wedbush reaffirmed a "neutral" rating and issued a $21.50 target price (down from $30.00) on shares of Day One Biopharmaceuticals in a report on Monday, March 9th. HC Wainwright reaffirmed a "neutral" rating and issued a $21.50 target price (down from $22.00) on shares of Day One Biopharmaceuticals in a report on Tuesday, March 10th. Finally, JonesTrading lowered Day One Biopharmaceuticals from a "buy" rating to a "hold" rating and raised their target price for the company from $20.00 to $21.50 in a report on Friday, March 6th. One equities research analyst has rated the stock with a Buy rating, eight have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $23.29.

Day One Biopharmaceuticals Stock Performance

The stock has a 50-day simple moving average of $16.57 and a 200 day simple moving average of $11.57. The company has a market cap of $2.22 billion, a P/E ratio of -20.84 and a beta of -1.74.

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

Insider Buying and Selling

In related news, insider Lauren Merendino sold 5,814 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $11.60, for a total transaction of $67,442.40. Following the completion of the transaction, the insider owned 60,157 shares in the company, valued at $697,821.20. This trade represents a 8.81% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Charles N. York II sold 6,065 shares of the firm's stock in a transaction that occurred on Tuesday, February 17th. The stock was sold at an average price of $11.60, for a total value of $70,354.00. Following the transaction, the chief financial officer owned 312,025 shares of the company's stock, valued at $3,619,490. This trade represents a 1.91% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 36,461 shares of company stock worth $422,948. 6.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Day One Biopharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of DAWN. Federated Hermes Inc. bought a new position in shares of Day One Biopharmaceuticals during the 3rd quarter worth approximately $39,000. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Day One Biopharmaceuticals by 26.0% during the 4th 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. Quarry LP bought a new position in shares of Day One Biopharmaceuticals during the 3rd quarter worth approximately $49,000. Prudential Financial Inc. bought a new position in shares of Day One Biopharmaceuticals during the 2nd quarter worth approximately $69,000. Finally, CWM LLC lifted its position in shares of Day One Biopharmaceuticals by 32.4% during the 4th quarter. CWM LLC now owns 8,373 shares of the company's stock worth $78,000 after buying an additional 2,051 shares during the period. Institutional investors own 87.95% of the company's stock.

Day One Biopharmaceuticals Company Profile

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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