Day One Biopharmaceuticals (NASDAQ:DAWN) Trading Up 8.5% Following Analyst Upgrade

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN)’s stock price was up 8.5% during mid-day trading on Friday after JPMorgan Chase & Co. raised their price target on the stock from $26.00 to $27.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Day One Biopharmaceuticals traded as high as $9.24 and last traded at $9.7530. Approximately 302,253 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 1,411,895 shares. The stock had previously closed at $8.99.

A number of other analysts have also recently commented on the stock. HC Wainwright reduced their target price on shares of Day One Biopharmaceuticals from $36.00 to $25.00 and set a “buy” rating for the company in a report on Wednesday, August 6th. Zacks Research raised shares of Day One Biopharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Day One Biopharmaceuticals in a report on Thursday, October 30th. Piper Sandler boosted their price target on Day One Biopharmaceuticals from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Needham & Company LLC reduced their price target on Day One Biopharmaceuticals from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $24.43.

Insiders Place Their Bets

In other news, CEO Jeremy Bender sold 16,058 shares of the business’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $6.77, for a total value of $108,712.66. Following the transaction, the chief executive officer directly owned 161,365 shares in the company, valued at $1,092,441.05. The trade was a 9.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Adam Dubow sold 4,365 shares of the company’s stock in a transaction dated Monday, August 18th. The stock was sold at an average price of $6.77, for a total value of $29,551.05. Following the completion of the transaction, the insider directly owned 54,858 shares of the company’s stock, valued at approximately $371,388.66. This trade represents a 7.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 28,295 shares of company stock valued at $191,557 in the last ninety days. Insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Day One Biopharmaceuticals

Several institutional investors and hedge funds have recently modified their holdings of DAWN. Federated Hermes Inc. purchased a new position in shares of Day One Biopharmaceuticals in the third quarter worth $39,000. Ameritas Investment Partners Inc. lifted its stake in Day One Biopharmaceuticals by 44.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,349 shares of the company’s stock worth $48,000 after purchasing an additional 2,264 shares in the last quarter. Entropy Technologies LP purchased a new stake in Day One Biopharmaceuticals in the 2nd quarter worth $67,000. Prudential Financial Inc. bought a new position in shares of Day One Biopharmaceuticals during the 2nd quarter valued at about $69,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Day One Biopharmaceuticals during the second quarter valued at about $76,000. Institutional investors own 87.95% of the company’s stock.

Day One Biopharmaceuticals Price Performance

The stock has a market cap of $999.08 million, a PE ratio of -6.40 and a beta of -1.25. The stock has a 50-day moving average price of $7.38 and a two-hundred day moving average price of $6.98.

Day One Biopharmaceuticals (NASDAQ:DAWN) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.19) EPS for the quarter, beating analysts’ consensus estimates of ($0.28) by $0.09. Day One Biopharmaceuticals had a negative return on equity of 32.05% and a negative net margin of 113.53%.The company had revenue of $39.80 million during the quarter, compared to analyst estimates of $38.20 million. During the same period in the prior year, the company earned $0.38 earnings per share. The firm’s revenue was down 57.6% on a year-over-year basis. Equities research analysts expect that Day One Biopharmaceuticals, Inc. will post -0.72 earnings per share for the current 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.