Braidwell LP Sells 1,337,000 Shares of Day One Biopharmaceuticals, Inc. $DAWN

Key Points

• Braidwell LP reduced its stake in Day One Biopharmaceuticals by 27.4%, now holding approximately 3.49% of the company worth about $28 million.
• Day One Biopharmaceuticals reported Q2 earnings of ($0.29) per share, which beat expectations, but revenues fell short at $33.91 million versus the forecast of $35.55 million.
• Analysts maintain a generally positive outlook on Day One Biopharmaceuticals, with an average rating of "Buy" and a consensus price target of $25.29.

Braidwell LP trimmed its position in shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN - Free Report) by 27.4% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,536,853 shares of the company's stock after selling 1,337,000 shares during the period. Braidwell LP owned 3.49% of Day One Biopharmaceuticals worth $28,047,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC purchased a new position in Day One Biopharmaceuticals during the 1st quarter worth approximately $88,000. Rhumbline Advisers grew its position in Day One Biopharmaceuticals by 8.3% during the 1st quarter. Rhumbline Advisers now owns 81,844 shares of the company's stock worth $649,000 after purchasing an additional 6,291 shares in the last quarter. MetLife Investment Management LLC grew its position in Day One Biopharmaceuticals by 12.4% during the 4th quarter. MetLife Investment Management LLC now owns 34,248 shares of the company's stock worth $434,000 after purchasing an additional 3,781 shares in the last quarter. Millennium Management LLC grew its position in Day One Biopharmaceuticals by 80.4% during the 4th quarter. Millennium Management LLC now owns 192,100 shares of the company's stock worth $2,434,000 after purchasing an additional 85,606 shares in the last quarter. Finally, ProShare Advisors LLC grew its position in Day One Biopharmaceuticals by 23.5% during the 4th quarter. ProShare Advisors LLC now owns 19,394 shares of the company's stock worth $246,000 after purchasing an additional 3,687 shares in the last quarter. 87.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Day One Biopharmaceuticals news, insider Adam Dubow sold 4,365 shares of the business's stock in a transaction on Monday, August 18th. The shares were sold at an average price of $6.77, for a total transaction of $29,551.05. Following the completion of the transaction, the insider owned 54,858 shares of the company's stock, valued at $371,388.66. The trade was a 7.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lauren Merendino sold 3,766 shares of the business's stock in a transaction 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 transaction, the insider directly 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 disclosure for this sale can be found here. Insiders sold 28,295 shares of company stock worth $191,557 in the last 90 days. Insiders own 6.20% of the company's stock.

Day One Biopharmaceuticals Price Performance

Shares of DAWN stock traded down $0.07 on Thursday, hitting $7.41. The company's stock had a trading volume of 640,227 shares, compared to its average volume of 1,364,391. Day One Biopharmaceuticals, Inc. has a fifty-two week low of $5.64 and a fifty-two week high of $16.76. The firm's fifty day moving average price is $6.78 and its 200-day moving average price is $7.38. The stock has a market capitalization of $759.01 million, a price-to-earnings ratio of -7.80 and a beta of -1.25.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating 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 business had revenue of $33.91 million during the quarter, compared to analyst estimates of $35.55 million. Analysts predict that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on DAWN shares. Wedbush reissued an "outperform" rating and set a $25.00 target price on shares of Day One Biopharmaceuticals in a research note on Wednesday, May 7th. Piper Sandler started coverage on shares of Day One Biopharmaceuticals in a research note on Monday, August 18th. They set an "overweight" rating and a $25.00 target price for the company. HC Wainwright decreased their target price on shares of Day One Biopharmaceuticals from $36.00 to $25.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. Finally, Needham & Company LLC decreased their target price on shares of Day One Biopharmaceuticals from $18.00 to $16.00 and set a "buy" rating for the company in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. According to MarketBeat, Day One Biopharmaceuticals presently has an average rating of "Buy" and an average target price of $25.29.

About Day One Biopharmaceuticals

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.