Day One Biopharmaceuticals (NASDAQ:DAWN) Stock Price Up 11.2% – Here’s What Happened

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN)’s stock price rose 11.2% on Wednesday . The company traded as high as $9.21 and last traded at $9.6040. Approximately 896,482 shares changed hands during trading, a decline of 37% from the average daily volume of 1,418,725 shares. The stock had previously closed at $8.64.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on DAWN. JPMorgan Chase & Co. boosted their target price on Day One Biopharmaceuticals from $26.00 to $27.00 and gave the company an “overweight” rating in a research report on Friday, November 7th. Piper Sandler boosted their price objective on Day One Biopharmaceuticals from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday, November 5th. Needham & Company LLC restated a “buy” rating and set a $16.00 target price on shares of Day One Biopharmaceuticals in a report on Monday, November 24th. Zacks Research raised Day One Biopharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Day One Biopharmaceuticals in a research report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Day One Biopharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $24.33.

Day One Biopharmaceuticals Trading Up 9.5%

The stock’s fifty day moving average price is $8.82 and its two-hundred day moving average price is $7.62. The firm has a market capitalization of $971.83 million, a price-to-earnings ratio of -6.23 and a beta of -1.27.

Day One Biopharmaceuticals (NASDAQ:DAWN) last issued its earnings results on Tuesday, November 4th. The company reported ($0.19) EPS for the quarter, topping analysts’ consensus estimates of ($0.28) by $0.09. Day One Biopharmaceuticals had a negative net margin of 113.53% and a negative return on equity of 32.05%. The firm had revenue of $39.80 million during the quarter, compared to the consensus estimate of $38.20 million. During the same quarter in the previous year, the firm posted $0.38 earnings per share. The company’s revenue was down 57.6% compared to the same quarter last year. Analysts anticipate that Day One Biopharmaceuticals, Inc. will post -0.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Day One Biopharmaceuticals news, CEO Jeremy Bender sold 15,894 shares of the firm’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $8.91, for a total transaction of $141,615.54. Following the sale, the chief executive officer owned 177,165 shares of the company’s stock, valued at approximately $1,578,540.15. This trade represents a 8.23% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Lauren Merendino sold 3,726 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $8.91, for a total transaction of $33,198.66. Following the sale, the insider owned 50,809 shares of the company’s stock, valued at $452,708.19. This represents a 6.83% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 28,001 shares of company stock worth $249,489 over the last 90 days. Insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Day One Biopharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of DAWN. Royal Bank of Canada boosted its stake in Day One Biopharmaceuticals by 40.4% in the first quarter. Royal Bank of Canada now owns 185,733 shares of the company’s stock valued at $1,474,000 after acquiring an additional 53,459 shares in the last quarter. AQR Capital Management LLC lifted its holdings in shares of Day One Biopharmaceuticals by 601.4% in the 1st quarter. AQR Capital Management LLC now owns 618,627 shares of the company’s stock valued at $4,906,000 after purchasing an additional 530,429 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Day One Biopharmaceuticals by 6.0% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,992 shares of the company’s stock valued at $302,000 after purchasing an additional 2,149 shares during the last quarter. Millennium Management LLC boosted its position in shares of Day One Biopharmaceuticals by 587.2% in the 1st quarter. Millennium Management LLC now owns 1,320,095 shares of the company’s stock valued at $10,468,000 after purchasing an additional 1,127,995 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new position in Day One Biopharmaceuticals during the 1st quarter worth approximately $384,000. 87.95% of the stock is currently owned by institutional investors and hedge funds.

Day One Biopharmaceuticals Company Profile

Day One Biopharmaceuticals, Inc (NASDAQ: DAWN) is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted therapies for oncology. The company employs a precision medicine approach, leveraging biomarker-driven strategies to identify patient populations most likely to respond to its investigational compounds. By concentrating on well-validated molecular drivers of cancer, Day One seeks to deliver first-in-class or best-in-class therapies with the potential for meaningful clinical benefit.

The company’s pipeline includes several small-molecule candidates in various stages of development.