Day One Biopharmaceuticals (NASDAQ:DAWN) Sets New 52-Week Low Following Analyst Downgrade

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) hit a new 52-week low during trading on Thursday after Needham & Company LLC lowered their price target on the stock from $30.00 to $27.00. Needham & Company LLC currently has a buy rating on the stock. Day One Biopharmaceuticals traded as low as $6.26 and last traded at $6.30, with a volume of 3859708 shares traded. The stock had previously closed at $6.99.

DAWN has been the subject of a number of other reports. JPMorgan Chase & Co. dropped their target price on shares of Day One Biopharmaceuticals from $39.00 to $34.00 and set an “overweight” rating for the company in a report on Wednesday, March 5th. Wedbush reaffirmed an “outperform” rating and issued a $32.00 price objective on shares of Day One Biopharmaceuticals in a research note on Wednesday, February 26th. The Goldman Sachs Group decreased their target price on Day One Biopharmaceuticals from $39.00 to $27.00 and set a “buy” rating on the stock in a research report on Tuesday, March 25th. Bank of America dropped their price target on Day One Biopharmaceuticals from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, HC Wainwright reiterated a “buy” rating and issued a $36.00 price objective on shares of Day One Biopharmaceuticals in a research report on Thursday, April 3rd. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Day One Biopharmaceuticals has an average rating of “Buy” and an average target price of $30.57.

Insider Activity

In other news, General Counsel Adam Dubow sold 4,646 shares of Day One Biopharmaceuticals stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $11.96, for a total value of $55,566.16. Following the completion of the sale, the general counsel now owns 39,602 shares of the company’s stock, valued at $473,639.92. The trade was a 10.50 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Charles N. York II sold 4,370 shares of the company’s stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $11.96, for a total value of $52,265.20. Following the completion of the transaction, the chief financial officer now owns 252,638 shares of the company’s stock, valued at $3,021,550.48. The trade was a 1.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 21,064 shares of company stock worth $251,925 over the last three months. 6.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Day One Biopharmaceuticals

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. FMR LLC lifted its holdings in shares of Day One Biopharmaceuticals by 73.9% during the 4th quarter. FMR LLC now owns 12,887,467 shares of the company’s stock worth $163,284,000 after acquiring an additional 5,475,087 shares during the period. Vanguard Group Inc. raised its stake in Day One Biopharmaceuticals by 1.6% during the first quarter. Vanguard Group Inc. now owns 5,943,243 shares of the company’s stock worth $47,130,000 after purchasing an additional 94,320 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Day One Biopharmaceuticals by 0.3% in the 4th quarter. Franklin Resources Inc. now owns 3,882,952 shares of the company’s stock valued at $49,197,000 after purchasing an additional 13,320 shares during the last quarter. Estuary Capital Management LP grew its stake in shares of Day One Biopharmaceuticals by 35.5% during the 4th quarter. Estuary Capital Management LP now owns 3,716,777 shares of the company’s stock valued at $47,092,000 after buying an additional 972,997 shares during the period. Finally, Pictet Asset Management Holding SA grew its stake in shares of Day One Biopharmaceuticals by 17.0% during the 4th quarter. Pictet Asset Management Holding SA now owns 3,490,064 shares of the company’s stock valued at $44,219,000 after buying an additional 507,398 shares during the period. Hedge funds and other institutional investors own 87.95% of the company’s stock.

Day One Biopharmaceuticals Trading Down 4.6 %

The firm has a market capitalization of $653.73 million, a PE ratio of -6.26 and a beta of -1.24. The firm has a 50-day moving average of $7.70 and a two-hundred day moving average of $11.10.

Day One Biopharmaceuticals (NASDAQ:DAWN) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.11. The firm had revenue of $30.76 million during the quarter, compared to analysts’ expectations of $30.28 million. Equities research analysts expect that Day One Biopharmaceuticals, Inc. will post -0.72 earnings per share for the current fiscal year.

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.