Day One Biopharmaceuticals (NASDAQ:DAWN) Stock Rating Upgraded by Zacks Research

Key Points

• Day One Biopharmaceuticals has been upgraded from a "hold" rating to a "strong-buy" rating by Zacks Research, indicating positive investor sentiment.
• The company reported a quarterly earnings per share of ($0.29), surpassing analyst estimates, but fell short of revenue expectations with $33.91 million reported against $35.55 million estimated.
• Insider selling included Chief Executive Officer Jeremy Bender selling 16,058 shares, indicating a 9.05% reduction in his position, amidst high institutional ownership of 87.95%.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Monday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC decreased their target price on Day One Biopharmaceuticals from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. HC Wainwright decreased their target price on Day One Biopharmaceuticals from $36.00 to $25.00 and set a "buy" rating for the company in a report on Wednesday, August 6th. Piper Sandler started coverage on Day One Biopharmaceuticals in a report on Monday, August 18th. They set an "overweight" rating and a $25.00 target price for the company. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Day One Biopharmaceuticals in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of "Buy" and an average target price of $25.29.

Day One Biopharmaceuticals Stock Performance

Shares of DAWN stock opened at $7.05 on Monday. Day One Biopharmaceuticals has a fifty-two week low of $5.64 and a fifty-two week high of $16.76. The firm has a market capitalization of $722.13 million, a price-to-earnings ratio of -7.42 and a beta of -1.26. The stock's 50-day simple moving average is $7.03 and its 200-day simple moving average is $6.92.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported ($0.29) earnings per share for the quarter, topping analysts' consensus estimates of ($0.35) by $0.06. Day One Biopharmaceuticals had a negative return on equity of 19.01% and a negative net margin of 50.63%.The business had revenue of $33.91 million for the quarter, compared to analyst estimates of $35.55 million. As a group, equities analysts forecast that Day One Biopharmaceuticals will post -0.72 earnings per share for the current year.

Insider Transactions at Day One Biopharmaceuticals

In related news, insider Lauren Merendino sold 3,766 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $6.77, for a total transaction of $25,495.82. Following the transaction, the insider owned 41,931 shares of the company's stock, valued at approximately $283,872.87. This represents a 8.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jeremy Bender sold 16,058 shares of the stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $6.77, for a total value of $108,712.66. Following the transaction, the chief executive officer directly owned 161,365 shares in the company, valued at approximately $1,092,441.05. The trade was a 9.05% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 28,295 shares of company stock valued at $191,557 over the last ninety days. Company insiders own 6.20% of the company's stock.

Hedge Funds Weigh In On Day One Biopharmaceuticals

Several hedge funds have recently bought and sold shares of DAWN. Ameritas Investment Partners Inc. lifted its stake in Day One Biopharmaceuticals by 44.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,349 shares of the company's stock worth $48,000 after acquiring an additional 2,264 shares in the last quarter. Entropy Technologies LP acquired a new position in Day One Biopharmaceuticals during the 2nd quarter worth about $67,000. Prudential Financial Inc. acquired a new position in Day One Biopharmaceuticals during the 2nd quarter worth about $69,000. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in Day One Biopharmaceuticals during the 2nd quarter worth about $76,000. Finally, Quantbot Technologies LP acquired a new position in Day One Biopharmaceuticals during the 1st quarter worth about $82,000. Institutional investors and hedge funds own 87.95% of the company's stock.

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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