Day One Biopharmaceuticals (NASDAQ:DAWN) Sees Large Volume Increase Following Analyst Upgrade

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) saw an uptick in trading volume on Wednesday after Needham & Company LLC raised their price target on the stock from $30.00 to $33.00. Needham & Company LLC currently has a buy rating on the stock. 1,343,090 shares traded hands during mid-day trading, an increase of 85% from the previous session’s volume of 726,171 shares.The stock last traded at $15.66 and had previously closed at $16.64.

Other equities research analysts also recently issued research reports about the stock. JPMorgan Chase & Co. increased their target price on shares of Day One Biopharmaceuticals from $32.00 to $36.00 and gave the stock an “overweight” rating in a research report on Monday. Oppenheimer reiterated a “market perform” rating on shares of Day One Biopharmaceuticals in a research report on Tuesday, February 27th. Piper Sandler reiterated an “overweight” rating and issued a $40.00 target price on shares of Day One Biopharmaceuticals in a research report on Tuesday, March 26th. Finally, The Goldman Sachs Group cut their target price on shares of Day One Biopharmaceuticals from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $39.67.

Insiders Place Their Bets

In related news, CFO Charles N. York II sold 2,666 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $15.25, for a total transaction of $40,656.50. Following the completion of the sale, the chief financial officer now directly owns 277,754 shares of the company’s stock, valued at $4,235,748.50. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Samuel C. Blackman sold 20,000 shares of the stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $16.11, for a total transaction of $322,200.00. Following the completion of the sale, the insider now owns 1,224,662 shares of the company’s stock, valued at $19,729,304.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Charles N. York II sold 2,666 shares of the stock in a transaction on Friday, February 16th. The stock was sold at an average price of $15.25, for a total transaction of $40,656.50. Following the sale, the chief financial officer now directly owns 277,754 shares of the company’s stock, valued at approximately $4,235,748.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 55,781 shares of company stock valued at $883,160. Insiders own 8.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Quest Partners LLC acquired a new stake in Day One Biopharmaceuticals in the fourth quarter valued at $29,000. China Universal Asset Management Co. Ltd. lifted its stake in Day One Biopharmaceuticals by 130.9% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,226 shares of the company’s stock valued at $27,000 after acquiring an additional 1,262 shares during the last quarter. Quintet Private Bank Europe S.A. lifted its stake in Day One Biopharmaceuticals by 43.2% in the fourth quarter. Quintet Private Bank Europe S.A. now owns 3,313 shares of the company’s stock valued at $48,000 after acquiring an additional 1,000 shares during the last quarter. Amalgamated Bank lifted its stake in Day One Biopharmaceuticals by 35.7% in the third quarter. Amalgamated Bank now owns 8,628 shares of the company’s stock valued at $106,000 after acquiring an additional 2,268 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its stake in Day One Biopharmaceuticals by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 10,072 shares of the company’s stock valued at $147,000 after acquiring an additional 2,554 shares during the last quarter. Institutional investors own 87.95% of the company’s stock.

Day One Biopharmaceuticals Stock Down 5.8 %

The stock has a market cap of $1.37 billion, a price-to-earnings ratio of -6.58 and a beta of -1.48. The business’s 50 day simple moving average is $15.27 and its 200 day simple moving average is $13.78.

Day One Biopharmaceuticals (NASDAQ:DAWN) last posted its earnings results on Monday, February 26th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). Equities research analysts forecast that Day One Biopharmaceuticals, Inc. will post -2.66 earnings per share for the current fiscal year.

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.