Day One Biopharmaceuticals (NASDAQ:DAWN) Stock Price Up 8% – What’s Next?

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) traded up 8% during trading on Tuesday . The company traded as high as $9.29 and last traded at $9.5860. 301,048 shares changed hands during trading, a decline of 80% from the average session volume of 1,512,727 shares. The stock had previously closed at $8.88.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DAWN. Needham & Company LLC reaffirmed a “buy” rating and issued a $16.00 price target on shares of Day One Biopharmaceuticals in a report on Monday. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price target on shares of Day One Biopharmaceuticals in a research note on Monday. Piper Sandler lifted their target price on shares of Day One Biopharmaceuticals from $25.00 to $26.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 5th. JPMorgan Chase & Co. upped their price objective on shares of Day One Biopharmaceuticals from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Finally, Zacks Research raised Day One Biopharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 13th. One equities research 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 company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $24.43.

Day One Biopharmaceuticals Price Performance

The company has a market cap of $972.89 million, a price-to-earnings ratio of -6.23 and a beta of -1.25. The firm’s 50-day moving average price is $7.76 and its 200-day moving average price is $7.10.

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

Insider Buying and Selling

In other news, insider Adam Dubow sold 4,319 shares of Day One Biopharmaceuticals stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $8.91, for a total transaction of $38,482.29. Following the sale, the insider owned 62,626 shares in the company, valued at $557,997.66. This trade represents a 6.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lauren Merendino sold 3,726 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $8.91, for a total transaction of $33,198.66. Following the completion of the transaction, the insider owned 50,809 shares of the company’s stock, valued at $452,708.19. This trade represents a 6.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 28,001 shares of company stock valued at $249,489. Corporate insiders own 6.20% of the company’s stock.

Hedge Funds Weigh In On Day One Biopharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in DAWN. Vanguard Group Inc. boosted its holdings in shares of Day One Biopharmaceuticals by 1.6% in the 1st quarter. Vanguard Group Inc. now owns 5,943,243 shares of the company’s stock valued at $47,130,000 after buying an additional 94,320 shares during the period. Deerfield Management Company L.P. raised its position in shares of Day One Biopharmaceuticals by 26.4% during the 3rd quarter. Deerfield Management Company L.P. now owns 4,705,413 shares of the company’s stock worth $33,173,000 after purchasing an additional 982,282 shares during the period. Franklin Resources Inc. lifted its holdings in shares of Day One Biopharmaceuticals by 2.0% in the 2nd quarter. Franklin Resources Inc. now owns 4,097,625 shares of the company’s stock worth $26,635,000 after purchasing an additional 79,255 shares during the last quarter. Alyeska Investment Group L.P. grew its stake in Day One Biopharmaceuticals by 61.6% during the 1st quarter. Alyeska Investment Group L.P. now owns 4,059,764 shares of the company’s stock worth $32,194,000 after buying an additional 1,547,577 shares during the last quarter. Finally, Rubric Capital Management LP bought a new position in Day One Biopharmaceuticals during the 3rd quarter worth $23,808,000. 87.95% of the stock is owned by hedge funds and other institutional investors.

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.