Day One Biopharmaceuticals (NASDAQ:DAWN) Shares Gap Up After Strong Earnings

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) gapped up prior to trading on Wednesday following a stronger than expected earnings report. The stock had previously closed at $6.99, but opened at $7.52. Day One Biopharmaceuticals shares last traded at $6.64, with a volume of 935,489 shares traded.

The company reported ($0.35) EPS for the quarter, topping the consensus estimate of ($0.46) by $0.11. The business had revenue of $30.76 million for the quarter, compared to analyst estimates of $30.28 million.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. The Goldman Sachs Group cut their target price on shares of Day One Biopharmaceuticals from $39.00 to $27.00 and set a “buy” rating on the stock in a research note on Tuesday, March 25th. HC Wainwright reissued a “buy” rating and set a $36.00 price objective on shares of Day One Biopharmaceuticals in a research report on Thursday, April 3rd. Needham & Company LLC decreased their target price on Day One Biopharmaceuticals from $30.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday. JPMorgan Chase & Co. cut their price target on Day One Biopharmaceuticals from $39.00 to $34.00 and set an “overweight” rating on the stock in a report on Wednesday, March 5th. Finally, Wedbush restated an “outperform” rating and set a $25.00 price objective on shares of Day One Biopharmaceuticals in a report on Wednesday. Seven investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $30.57.

Insider Activity at Day One Biopharmaceuticals

In other news, CEO Jeremy Bender sold 12,048 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $11.96, for a total value of $144,094.08. Following the completion of the sale, the chief executive officer now owns 128,015 shares in the company, valued at $1,531,059.40. This represents a 8.60 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, General Counsel Adam Dubow sold 4,646 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $11.96, for a total transaction of $55,566.16. Following the transaction, the general counsel now owns 39,602 shares in the company, valued at approximately $473,639.92. This trade represents a 10.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 21,064 shares of company stock valued at $251,925. 6.20% of the stock is owned by insiders.

Institutional Trading of Day One Biopharmaceuticals

A number of institutional investors and hedge funds have recently modified their holdings of the business. FMR LLC grew its stake in Day One Biopharmaceuticals by 73.9% in the 4th quarter. FMR LLC now owns 12,887,467 shares of the company’s stock valued at $163,284,000 after purchasing an additional 5,475,087 shares during the period. Franklin Resources Inc. grew its position in Day One Biopharmaceuticals by 0.3% during the fourth quarter. Franklin Resources Inc. now owns 3,882,952 shares of the company’s stock valued at $49,197,000 after buying an additional 13,320 shares during the period. Estuary Capital Management LP raised its position in Day One Biopharmaceuticals by 35.5% in the fourth quarter. Estuary Capital Management LP now owns 3,716,777 shares of the company’s stock worth $47,092,000 after acquiring an additional 972,997 shares during the period. Pictet Asset Management Holding SA boosted its stake in Day One Biopharmaceuticals by 17.0% in the fourth quarter. Pictet Asset Management Holding SA now owns 3,490,064 shares of the company’s stock valued at $44,219,000 after acquiring an additional 507,398 shares during the last quarter. Finally, Alyeska Investment Group L.P. bought a new position in shares of Day One Biopharmaceuticals during the 4th quarter valued at approximately $31,829,000. 87.95% of the stock is owned by hedge funds and other institutional investors.

Day One Biopharmaceuticals Stock Performance

The company has a market cap of $685.66 million, a PE ratio of -6.57 and a beta of -1.24. The company’s 50 day moving average price is $7.74 and its 200-day moving average price is $11.16.

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.