Day One Biopharmaceuticals (NASDAQ:DAWN) Stock Price Down 5.5% on Analyst Downgrade

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN)’s stock price traded down 5.5% on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $39.00 to $34.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Day One Biopharmaceuticals traded as low as $8.97 and last traded at $9.17. 108,005 shares traded hands during trading, a decline of 91% from the average session volume of 1,181,862 shares. The stock had previously closed at $9.70.

Several other research firms have also recently issued reports on DAWN. The Goldman Sachs Group decreased their price target on shares of Day One Biopharmaceuticals from $48.00 to $43.00 and set a “buy” rating on the stock in a research note on Monday, February 10th. HC Wainwright decreased their price target on shares of Day One Biopharmaceuticals from $40.00 to $36.00 and set a “buy” rating on the stock in a research note on Wednesday, February 26th. Needham & Company LLC reaffirmed a “buy” rating and set a $32.00 price target on shares of Day One Biopharmaceuticals in a research note on Wednesday, February 26th. Bank of America decreased their price target on shares of Day One Biopharmaceuticals from $28.00 to $25.00 and set a “buy” rating on the stock in a research note on Tuesday, January 7th. Finally, Wedbush reaffirmed an “outperform” rating and set a $32.00 price target on shares of Day One Biopharmaceuticals in a research note on Wednesday, February 26th. Seven investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Day One Biopharmaceuticals presently has an average rating of “Buy” and an average price target of $34.57.

Insider Buying and Selling

In related news, CEO Jeremy Bender sold 12,048 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $11.96, for a total value of $144,094.08. Following the sale, the chief executive officer now directly owns 128,015 shares of the company’s stock, valued at approximately $1,531,059.40. This trade represents a 8.60 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, General Counsel Adam Dubow sold 4,646 shares of the firm’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $11.96, for a total transaction of $55,566.16. Following the completion of the sale, the general counsel now directly owns 39,602 shares in the company, valued at $473,639.92. This represents a 10.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 51,064 shares of company stock valued at $651,225. Insiders own 8.40% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of DAWN. TimesSquare Capital Management LLC lifted its position in Day One Biopharmaceuticals by 8.2% during the third quarter. TimesSquare Capital Management LLC now owns 1,827,695 shares of the company’s stock valued at $25,460,000 after buying an additional 139,160 shares in the last quarter. GSA Capital Partners LLP acquired a new position in Day One Biopharmaceuticals during the third quarter valued at approximately $825,000. Quest Partners LLC lifted its position in Day One Biopharmaceuticals by 9,238.6% during the third quarter. Quest Partners LLC now owns 7,751 shares of the company’s stock valued at $108,000 after buying an additional 7,668 shares in the last quarter. First Turn Management LLC acquired a new position in Day One Biopharmaceuticals during the third quarter valued at approximately $13,204,000. Finally, Intech Investment Management LLC acquired a new position in Day One Biopharmaceuticals during the third quarter valued at approximately $324,000. 87.95% of the stock is owned by institutional investors and hedge funds.

Day One Biopharmaceuticals Price Performance

The stock has a market capitalization of $878.75 million, a price-to-earnings ratio of -8.42 and a beta of -1.38. The business’s 50-day simple moving average is $11.85 and its two-hundred day simple moving average is $13.24.

Day One Biopharmaceuticals (NASDAQ:DAWN) last posted its quarterly earnings data on Tuesday, February 25th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.34). The firm had revenue of $29.21 million for the quarter, compared to the consensus estimate of $27.11 million. As a group, sell-side analysts expect that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current 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.