Day One Biopharmaceuticals (NASDAQ:DAWN) Earns Buy Rating from Analysts at TD Cowen

Equities research analysts at TD Cowen began coverage on shares of Day One Biopharmaceuticals (NASDAQ:DAWN) in a research note issued to investors on Tuesday. The brokerage set a “buy” rating and a $34.00 price target on the stock. TD Cowen’s price target would indicate a potential upside of 210.08% from the stock’s current price.

A number of other research analysts also recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Day One Biopharmaceuticals from $26.00 to $27.00 and gave the stock an “overweight” rating in a research report on Friday, November 7th. 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, November 24th. Zacks Research raised Day One Biopharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Monday, October 13th. Weiss Ratings restated a “sell (d-)” rating on shares of Day One Biopharmaceuticals in a research report on Monday, December 29th. Finally, Piper Sandler increased their target price on Day One Biopharmaceuticals from $25.00 to $26.00 and gave the company an “overweight” rating in a research report on Wednesday, November 5th. 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’s stock. According to data from MarketBeat, Day One Biopharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.71.

Day One Biopharmaceuticals Stock Down 3.2%

Shares of DAWN traded down $0.37 during mid-day trading on Tuesday, reaching $10.97. The company had a trading volume of 943,716 shares, compared to its average volume of 2,308,276. The stock has a market capitalization of $1.13 billion, a P/E ratio of -7.26 and a beta of -1.27. Day One Biopharmaceuticals has a 52-week low of $5.64 and a 52-week high of $13.53. The stock has a 50 day moving average of $9.02 and a two-hundred day moving average of $7.71.

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 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 the consensus estimate of $38.20 million. During the same period in the previous year, the company posted $0.38 earnings per share. Day One Biopharmaceuticals’s revenue for the quarter was down 57.6% on a year-over-year basis. On average, sell-side analysts expect that Day One Biopharmaceuticals will post -0.72 earnings per share for the current year.

Insider Buying and Selling at Day One Biopharmaceuticals

In other Day One Biopharmaceuticals news, CEO Jeremy Bender sold 15,894 shares of the stock in a transaction dated Monday, November 17th. The shares were sold at an average price of $8.91, for a total value of $141,615.54. Following the completion of the sale, the chief executive officer owned 177,165 shares in the company, valued at approximately $1,578,540.15. This represents a 8.23% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lauren Merendino sold 3,726 shares of the business’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $8.91, for a total value of $33,198.66. Following the transaction, the insider owned 50,809 shares in the company, valued at approximately $452,708.19. This represents a 6.83% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 28,001 shares of company stock worth $249,489 in the last 90 days. 6.20% of the stock is currently owned by insiders.

Institutional Trading of Day One Biopharmaceuticals

Several large investors have recently added to or reduced their stakes in the stock. Rubric Capital Management LP purchased a new stake in shares of Day One Biopharmaceuticals in the third quarter valued at about $23,808,000. AIGH Capital Management LLC purchased a new stake in shares of Day One Biopharmaceuticals in the 3rd quarter valued at approximately $10,719,000. Mak Capital One LLC acquired a new stake in shares of Day One Biopharmaceuticals during the 3rd quarter worth approximately $10,212,000. Balyasny Asset Management L.P. acquired a new position in Day One Biopharmaceuticals in the third quarter valued at approximately $9,758,000. Finally, Millennium Management LLC lifted its holdings in Day One Biopharmaceuticals by 587.2% in the first quarter. Millennium Management LLC now owns 1,320,095 shares of the company’s stock valued at $10,468,000 after acquiring an additional 1,127,995 shares during the last quarter. 87.95% of the stock is currently owned by hedge funds and other institutional investors.

Day One Biopharmaceuticals Company Profile

Day One Biopharmaceuticals, Inc (NASDAQ: DAWN) is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted therapies for oncology. The company employs a precision medicine approach, leveraging biomarker-driven strategies to identify patient populations most likely to respond to its investigational compounds. By concentrating on well-validated molecular drivers of cancer, Day One seeks to deliver first-in-class or best-in-class therapies with the potential for meaningful clinical benefit.

The company’s pipeline includes several small-molecule candidates in various stages of development.