Day One Biopharmaceuticals (NASDAQ:DAWN) Trading 9.4% Higher - Here's Why

Key Points

• Day One Biopharmaceuticals' stock price rose by 9.4%, reaching a last trade price of $7.71 amidst a trading volume decline of 33% compared to average levels.
• Analysts have mixed reviews on the stock, with price targets ranging from $16.00 to $25.00, and a consensus rating of Buy with a target of $25.29.
• The company reported a negative EPS of ($0.29) for the recent quarter and experienced a drop in revenue from expectations, totaling $33.91 million.

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN - Get Free Report)'s stock price traded up 9.4% during mid-day trading on Wednesday . The company traded as high as $7.68 and last traded at $7.71. 903,496 shares changed hands during trading, a decline of 33% from the average session volume of 1,347,695 shares. The stock had previously closed at $7.05.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on DAWN shares. HC Wainwright decreased their price target on Day One Biopharmaceuticals from $36.00 to $25.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Needham & Company LLC decreased their price target on Day One Biopharmaceuticals from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, August 6th. Weiss Ratings restated a "sell (e+)" rating on shares of Day One Biopharmaceuticals in a research note on Wednesday, October 8th. Zacks Research upgraded Day One Biopharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Monday. Finally, Piper Sandler started coverage on Day One Biopharmaceuticals in a research note on Monday, August 18th. They issued an "overweight" rating and a $25.00 price target on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Day One Biopharmaceuticals has a consensus rating of "Buy" and a consensus price target of $25.29.

Day One Biopharmaceuticals Price Performance

The stock has a 50-day simple moving average of $7.03 and a 200-day simple moving average of $6.92. The stock has a market cap of $796.91 million, a PE ratio of -8.19 and a beta of -1.26.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $33.91 million during the quarter, compared to the consensus estimate of $35.55 million. As a group, equities research analysts anticipate that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current year.

Insider Transactions at Day One Biopharmaceuticals

In other news, insider Lauren Merendino sold 3,766 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $6.77, for a total transaction of $25,495.82. Following the sale, the insider directly owned 41,931 shares in the company, valued at approximately $283,872.87. This represents a 8.24% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Adam Dubow sold 4,365 shares of the firm's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $6.77, for a total value of $29,551.05. Following the completion of the sale, the insider owned 54,858 shares in the company, valued at approximately $371,388.66. This represents a 7.37% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,295 shares of company stock worth $191,557. 6.20% of the stock is owned by corporate insiders.

Institutional Trading of Day One Biopharmaceuticals

Several large investors have recently added to or reduced their stakes in DAWN. ProShare Advisors LLC increased its position in shares of Day One Biopharmaceuticals by 12.9% during the 2nd quarter. ProShare Advisors LLC now owns 18,545 shares of the company's stock valued at $121,000 after purchasing an additional 2,121 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake 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 worth $302,000 after acquiring an additional 2,149 shares in the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Day One Biopharmaceuticals by 44.5% in the second quarter. Ameritas Investment Partners Inc. now owns 7,349 shares of the company's stock worth $48,000 after buying an additional 2,264 shares during the period. Exchange Traded Concepts LLC boosted its position in shares of Day One Biopharmaceuticals by 19.6% in the first quarter. Exchange Traded Concepts LLC now owns 14,693 shares of the company's stock worth $117,000 after buying an additional 2,407 shares during the period. Finally, Optimize Financial Inc boosted its position in shares of Day One Biopharmaceuticals by 16.0% in the first quarter. Optimize Financial Inc now owns 17,960 shares of the company's stock worth $142,000 after buying an additional 2,473 shares during the period. 87.95% of the stock is currently owned by institutional investors and hedge funds.

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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