Day One Biopharmaceuticals (NASDAQ:DAWN) Sees Unusually-High Trading Volume – Still a Buy?

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) saw unusually-strong trading volume on Thursday . Approximately 2,403,458 shares changed hands during mid-day trading, an increase of 49% from the previous session’s volume of 1,612,057 shares.The stock last traded at $10.0650 and had previously closed at $8.76.

Analyst Upgrades and Downgrades

Several research firms have recently commented on DAWN. Piper Sandler lifted their price objective 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. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price objective on shares of Day One Biopharmaceuticals in a research report on Monday, November 24th. Zacks Research raised Day One Biopharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Needham & Company LLC reiterated a “buy” rating and set a $16.00 price target on shares of Day One Biopharmaceuticals in a research note on Monday, November 24th. Finally, 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 report on Friday, November 7th. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $24.43.

Day One Biopharmaceuticals Trading Up 14.0%

The company has a market cap of $1.03 billion, a price-to-earnings ratio of -6.56 and a beta of -1.27. The stock’s fifty day simple moving average is $8.28 and its 200 day simple moving average is $7.37.

Day One Biopharmaceuticals (NASDAQ:DAWN) last released its quarterly earnings data on Tuesday, November 4th. The company reported ($0.19) earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $38.20 million. During the same quarter in the previous year, the company posted $0.38 earnings per share. The firm’s revenue for the quarter was down 57.6% compared to the same quarter last year. On average, analysts predict that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current year.

Insider Activity at Day One Biopharmaceuticals

In related news, CFO Charles N. York II sold 4,062 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 value of $36,192.42. Following the completion of the sale, the chief financial officer owned 294,715 shares in the company, valued at $2,625,910.65. This represents a 1.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jeremy Bender sold 15,894 shares of the company’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 $141,615.54. Following the sale, the chief executive officer owned 177,165 shares of the company’s stock, valued at $1,578,540.15. This trade represents a 8.23% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 28,001 shares of company stock valued at $249,489 in the last ninety days. Insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Day One Biopharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the company. ProShare Advisors LLC boosted its holdings in shares of Day One Biopharmaceuticals by 12.9% in the 2nd quarter. ProShare Advisors LLC now owns 18,545 shares of the company’s stock valued at $121,000 after purchasing an additional 2,121 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Day One Biopharmaceuticals by 6.0% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,992 shares of the company’s stock worth $302,000 after purchasing an additional 2,149 shares in the last quarter. Ameritas Investment Partners Inc. raised its holdings in shares of Day One Biopharmaceuticals by 44.5% during the second 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 during the period. Optimize Financial Inc lifted its holdings in shares of Day One Biopharmaceuticals by 16.0% in the 1st quarter. Optimize Financial Inc now owns 17,960 shares of the company’s stock worth $142,000 after purchasing an additional 2,473 shares during the last quarter. Finally, Teacher Retirement System of Texas boosted its stake in Day One Biopharmaceuticals by 18.4% during the 2nd quarter. Teacher Retirement System of Texas now owns 17,721 shares of the company’s stock valued at $115,000 after purchasing an additional 2,750 shares during the period. 87.95% of the stock is currently 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.