Day One Biopharmaceuticals (NASDAQ:DAWN) Trading Up 5.4% – Here’s Why

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) were up 5.4% on Monday . The company traded as high as $6.58 and last traded at $6.59. Approximately 867,682 shares traded hands during mid-day trading, a decline of 21% from the average daily volume of 1,104,402 shares. The stock had previously closed at $6.25.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on DAWN. Needham & Company LLC decreased their target price on shares of Day One Biopharmaceuticals from $30.00 to $27.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Wedbush reiterated an “outperform” rating and issued a $25.00 target price on shares of Day One Biopharmaceuticals in a research report on Wednesday, May 7th. HC Wainwright reiterated a “buy” rating and issued a $36.00 target price on shares of Day One Biopharmaceuticals in a research report on Thursday, April 3rd. The Goldman Sachs Group decreased their target price on shares of Day One Biopharmaceuticals from $39.00 to $27.00 and set a “buy” rating for the company in a research report on Tuesday, March 25th. Finally, JPMorgan Chase & Co. decreased 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 research report on Wednesday, March 5th. Seven research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $30.57.

Day One Biopharmaceuticals Trading Up 3.7%

The company’s 50-day moving average price is $7.44 and its two-hundred day moving average price is $10.77. The company has a market cap of $656.83 million, a P/E ratio of -6.29 and a beta of -1.24.

Day One Biopharmaceuticals (NASDAQ:DAWN) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.46) by $0.11. The business had revenue of $30.76 million for the quarter, compared to the consensus estimate of $30.28 million. Equities analysts forecast that Day One Biopharmaceuticals, Inc. will post -0.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Charles N. York II sold 4,370 shares of the 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 $52,265.20. Following the completion of the sale, the chief financial officer now directly owns 252,638 shares of the company’s stock, valued at $3,021,550.48. This represents a 1.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel Adam Dubow sold 4,646 shares of the 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 of the company’s stock, valued at $473,639.92. This trade represents a 10.50% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 21,064 shares of company stock worth $251,925 over the last ninety days. 6.20% of the stock is currently owned by company insiders.

Institutional Trading of Day One Biopharmaceuticals

Hedge funds have recently made changes to their positions in the stock. GF Fund Management CO. LTD. purchased a new stake in shares of Day One Biopharmaceuticals in the fourth quarter worth approximately $27,000. R Squared Ltd bought a new position in Day One Biopharmaceuticals during the fourth quarter valued at approximately $31,000. Quantbot Technologies LP bought a new position in Day One Biopharmaceuticals during the first quarter valued at approximately $82,000. Tower Research Capital LLC TRC raised its position in Day One Biopharmaceuticals by 911.1% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,657 shares of the company’s stock valued at $135,000 after acquiring an additional 9,603 shares in the last quarter. Finally, Pallas Capital Advisors LLC bought a new position in Day One Biopharmaceuticals during the first quarter valued at approximately $87,000. 87.95% of the stock is owned by hedge funds and other institutional investors.

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.