Day One Biopharmaceuticals (NASDAQ:DAWN) Trading Up 5.2% After Analyst Upgrade

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN)’s stock price shot up 5.2% on Wednesday after Needham & Company LLC raised their price target on the stock from $32.00 to $33.00. Needham & Company LLC currently has a buy rating on the stock. Day One Biopharmaceuticals traded as high as $14.49 and last traded at $14.40. 327,080 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 916,812 shares. The stock had previously closed at $13.69.

Other equities research analysts have also recently issued research reports about the stock. JPMorgan Chase & Co. cut their price objective on shares of Day One Biopharmaceuticals from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Piper Sandler reaffirmed an “overweight” rating and set a $40.00 price objective on shares of Day One Biopharmaceuticals in a research note on Monday, July 8th. Wedbush reissued an “outperform” rating and issued a $33.00 target price on shares of Day One Biopharmaceuticals in a research note on Thursday, July 25th. Bank of America upgraded Day One Biopharmaceuticals from an “underperform” rating to a “buy” rating and raised their price target for the stock from $11.00 to $24.00 in a research report on Thursday, August 1st. Finally, HC Wainwright reiterated a “buy” rating and issued a $40.00 price objective on shares of Day One Biopharmaceuticals in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, Day One Biopharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $35.71.

Insider Buying and Selling at Day One Biopharmaceuticals

In related news, insider Samuel C. Blackman sold 30,000 shares of Day One Biopharmaceuticals stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $14.22, for a total value of $426,600.00. Following the sale, the insider now owns 1,097,535 shares in the company, valued at $15,606,947.70. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, insider Samuel C. Blackman sold 30,000 shares of the stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $14.22, for a total value of $426,600.00. Following the completion of the transaction, the insider now directly owns 1,097,535 shares of the company’s stock, valued at $15,606,947.70. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Samuel C. Blackman sold 20,000 shares of Day One Biopharmaceuticals stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $16.01, for a total value of $320,200.00. Following the sale, the insider now directly owns 1,121,081 shares in the company, valued at approximately $17,948,506.81. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,748 shares of company stock valued at $1,009,272 in the last 90 days. Insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On Day One Biopharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Quintet Private Bank Europe S.A. boosted its holdings in shares of Day One Biopharmaceuticals by 43.2% during the 4th quarter. Quintet Private Bank Europe S.A. now owns 3,313 shares of the company’s stock valued at $48,000 after buying an additional 1,000 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its position in Day One Biopharmaceuticals by 2.5% during the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 59,289 shares of the company’s stock valued at $979,000 after acquiring an additional 1,445 shares during the period. ProShare Advisors LLC grew its holdings in Day One Biopharmaceuticals by 9.1% in the first quarter. ProShare Advisors LLC now owns 17,379 shares of the company’s stock worth $287,000 after purchasing an additional 1,447 shares during the period. Handelsbanken Fonder AB grew its holdings in Day One Biopharmaceuticals by 16.9% in the third quarter. Handelsbanken Fonder AB now owns 27,000 shares of the company’s stock worth $376,000 after purchasing an additional 3,900 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its holdings in shares of Day One Biopharmaceuticals by 67.1% during the first quarter. China Universal Asset Management Co. Ltd. now owns 16,817 shares of the company’s stock valued at $278,000 after purchasing an additional 6,750 shares during the last quarter. 87.95% of the stock is owned by hedge funds and other institutional investors.

Day One Biopharmaceuticals Stock Performance

The stock has a market capitalization of $1.23 billion, a P/E ratio of -5.60 and a beta of -1.51. The business has a 50-day moving average price of $13.89 and a 200 day moving average price of $14.44.

Day One Biopharmaceuticals (NASDAQ:DAWN) last released its earnings results on Tuesday, July 30th. The company reported ($0.05) EPS for the quarter, topping the consensus estimate of ($0.75) by $0.70. The company had revenue of $8.19 million during the quarter, compared to the consensus estimate of $0.90 million. As a group, research analysts forecast that Day One Biopharmaceuticals, Inc. will post -1.68 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.