Day One Biopharmaceuticals (NASDAQ:DAWN) Trading Up 7% - Should You Buy?

Key Points

• Day One Biopharmaceuticals shares rose 7% on Friday, trading at $6.69 after a prior close of $6.25, although trading volume decreased by 12% compared to the average.
• Analysts have adjusted their target prices, with Needham & Company lowering it to $16.00 and HC Wainwright to $25.00, yet maintaining "buy" ratings, leading to an average target price of $25.33.
• The company's latest earnings report showed a loss of ($0.29) per share, slightly better than the consensus estimate of ($0.35), amidst revenues of $33.91 million for the quarter, lower than the projected $35.55 million.

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN - Get Free Report) were up 7% on Friday . The stock traded as high as $6.69 and last traded at $6.69. Approximately 1,207,210 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 1,377,416 shares. The stock had previously closed at $6.25.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Needham & Company LLC cut their target price on Day One Biopharmaceuticals from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. HC Wainwright lowered their target price on Day One Biopharmaceuticals from $36.00 to $25.00 and set a "buy" rating on the stock in a report on Wednesday, August 6th. Finally, Wedbush reissued an "outperform" rating and issued a $25.00 price target on shares of Day One Biopharmaceuticals in a report on Wednesday, May 7th. Six analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Day One Biopharmaceuticals presently has an average rating of "Buy" and a consensus target price of $25.33.

Day One Biopharmaceuticals Stock Up 8.0%

The business's 50 day simple moving average is $6.63 and its 200 day simple moving average is $7.88. The company has a market capitalization of $691.40 million, a PE ratio of -7.11 and a beta of -1.26.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.06. Day One Biopharmaceuticals had a negative net margin of 50.63% and a negative return on equity of 19.01%. The firm had revenue of $33.91 million for the quarter, compared to analysts' expectations of $35.55 million. On average, analysts anticipate that Day One Biopharmaceuticals, Inc. will post -0.72 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Day One Biopharmaceuticals

A number of hedge funds have recently modified their holdings of the stock. Virtus ETF Advisers LLC boosted its holdings in Day One Biopharmaceuticals by 7.1% during the fourth quarter. Virtus ETF Advisers LLC now owns 27,296 shares of the company's stock valued at $346,000 after acquiring an additional 1,805 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Day One Biopharmaceuticals by 5.6% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,843 shares of the company's stock worth $454,000 after acquiring an additional 1,894 shares during the last quarter. GF Fund Management CO. LTD. acquired a new position in Day One Biopharmaceuticals during the 4th quarter valued at $27,000. ProShare Advisors LLC grew its position in Day One Biopharmaceuticals by 12.9% in the 2nd quarter. ProShare Advisors LLC now owns 18,545 shares of the company's stock worth $121,000 after purchasing an additional 2,121 shares during the last quarter. Finally, Ameritas Investment Partners Inc. increased its holdings in shares of 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 purchasing an additional 2,264 shares during the period. 87.95% of the stock is 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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