Day One Biopharmaceuticals (NASDAQ:DAWN) Sees Large Volume Increase Following Analyst Upgrade

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) saw unusually-high trading volume on Wednesday after Needham & Company LLC raised their price target on the stock from $30.00 to $33.00. Needham & Company LLC currently has a buy rating on the stock. Approximately 1,343,090 shares changed hands during trading, an increase of 85% from the previous session’s volume of 726,171 shares.The stock last traded at $15.66 and had previously closed at $16.64.

A number of other analysts also recently issued reports on DAWN. JPMorgan Chase & Co. increased their price target on shares of Day One Biopharmaceuticals from $32.00 to $36.00 and gave the stock an “overweight” rating in a report on Monday. Piper Sandler restated an “overweight” rating and set a $40.00 price objective on shares of Day One Biopharmaceuticals in a research report on Tuesday, March 26th. Oppenheimer restated a “market perform” rating on shares of Day One Biopharmaceuticals in a research report on Tuesday, February 27th. Finally, The Goldman Sachs Group reduced their price objective on shares of Day One Biopharmaceuticals from $50.00 to $44.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $39.33.

Insiders Place Their Bets

In other news, insider Samuel C. Blackman sold 2,258 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $15.25, for a total value of $34,434.50. Following the completion of the sale, the insider now directly owns 1,244,662 shares in the company, valued at $18,981,095.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, insider Samuel C. Blackman sold 20,000 shares of the stock in a transaction dated Tuesday, February 27th. The shares were sold at an average price of $16.11, for a total value of $322,200.00. Following the completion of the sale, the insider now directly owns 1,224,662 shares in the company, valued at $19,729,304.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Samuel C. Blackman sold 2,258 shares of the stock in a transaction dated Friday, February 16th. The shares were sold at an average price of $15.25, for a total transaction of $34,434.50. Following the completion of the sale, the insider now owns 1,244,662 shares of the company’s stock, valued at $18,981,095.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 55,781 shares of company stock worth $883,160. Company insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On Day One Biopharmaceuticals

Hedge funds have recently modified their holdings of the business. Quest Partners LLC acquired a new stake in shares of Day One Biopharmaceuticals in the fourth quarter valued at about $29,000. China Universal Asset Management Co. Ltd. grew its holdings in shares of Day One Biopharmaceuticals by 130.9% in the third quarter. China Universal Asset Management Co. Ltd. now owns 2,226 shares of the company’s stock valued at $27,000 after purchasing an additional 1,262 shares during the period. Quintet Private Bank Europe S.A. grew its holdings in shares of Day One Biopharmaceuticals by 43.2% in the fourth quarter. Quintet Private Bank Europe S.A. now owns 3,313 shares of the company’s stock valued at $48,000 after purchasing an additional 1,000 shares during the period. Amalgamated Bank grew its holdings in shares of Day One Biopharmaceuticals by 35.7% in the third quarter. Amalgamated Bank now owns 8,628 shares of the company’s stock valued at $106,000 after purchasing an additional 2,268 shares during the period. Finally, Exchange Traded Concepts LLC grew its holdings in shares of Day One Biopharmaceuticals by 34.0% in the fourth quarter. Exchange Traded Concepts LLC now owns 10,072 shares of the company’s stock valued at $147,000 after purchasing an additional 2,554 shares during the period. 87.95% of the stock is currently owned by institutional investors and hedge funds.

Day One Biopharmaceuticals Price Performance

The stock’s fifty day moving average is $15.23 and its 200-day moving average is $13.79. The stock has a market cap of $1.15 billion, a PE ratio of -5.55 and a beta of -1.48.

Day One Biopharmaceuticals (NASDAQ:DAWN) last announced its quarterly earnings data on Monday, February 26th. The company reported ($0.64) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.57) by ($0.07). On average, sell-side analysts expect that Day One Biopharmaceuticals, Inc. will post -2.66 EPS for the current fiscal 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.