Day One Biopharmaceuticals (NASDAQ:DAWN) Earns Buy Rating from Analysts at TD Cowen

TD Cowen initiated coverage on shares of Day One Biopharmaceuticals (NASDAQ:DAWN) in a report published on Tuesday morning, MarketBeat Ratings reports. The brokerage issued a buy rating and a $34.00 price objective on the stock.

Other equities research analysts have also recently issued research reports about the company. Needham & Company LLC restated a “buy” rating and issued a $16.00 price target on shares of Day One Biopharmaceuticals in a report on Monday, November 24th. JPMorgan Chase & Co. boosted their target price on Day One Biopharmaceuticals from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. HC Wainwright reissued a “buy” rating and issued a $25.00 target price on shares of Day One Biopharmaceuticals in a report on Monday, November 24th. Piper Sandler raised their price target on Day One Biopharmaceuticals from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Day One Biopharmaceuticals in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $25.71.

Day One Biopharmaceuticals Stock Down 2.1%

Shares of NASDAQ DAWN opened at $10.50 on Tuesday. The stock has a market capitalization of $1.08 billion, a price-to-earnings ratio of -6.91 and a beta of -1.27. Day One Biopharmaceuticals has a 52 week low of $5.64 and a 52 week high of $13.53. The firm has a 50-day moving average price of $9.15 and a 200 day moving average price of $7.78.

Day One Biopharmaceuticals (NASDAQ:DAWN) last issued its earnings results on Tuesday, November 4th. The company reported ($0.19) earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $39.80 million for the quarter, compared to analyst estimates of $38.20 million. During the same period in the prior year, the business posted $0.38 earnings per share. The firm’s revenue for the quarter was down 57.6% compared to the same quarter last year. Equities research analysts expect that Day One Biopharmaceuticals will post -0.72 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Adam Dubow sold 4,319 shares of Day One Biopharmaceuticals stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $8.91, for a total transaction of $38,482.29. Following the completion of the sale, the insider owned 62,626 shares in the company, valued at approximately $557,997.66. This trade represents a 6.45% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Lauren Merendino sold 3,726 shares of Day One Biopharmaceuticals stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $8.91, for a total value of $33,198.66. Following the sale, the insider owned 50,809 shares of the company’s stock, valued at approximately $452,708.19. This represents a 6.83% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 28,001 shares of company stock worth $249,489 in the last ninety days. 6.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Day One Biopharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Rubric Capital Management LP purchased a new position in shares of Day One Biopharmaceuticals during the third quarter valued at approximately $23,808,000. AIGH Capital Management LLC acquired a new position in Day One Biopharmaceuticals in the 3rd quarter valued at $10,719,000. Mak Capital One LLC acquired a new position in Day One Biopharmaceuticals in the 3rd quarter valued at $10,212,000. Balyasny Asset Management L.P. purchased a new position in shares of Day One Biopharmaceuticals during the 3rd quarter worth $9,758,000. Finally, Millennium Management LLC boosted its holdings in shares of Day One Biopharmaceuticals by 587.2% during the first quarter. Millennium Management LLC now owns 1,320,095 shares of the company’s stock worth $10,468,000 after purchasing an additional 1,127,995 shares during the last quarter. Institutional investors and hedge funds own 87.95% of the company’s stock.

About Day One Biopharmaceuticals

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.