Day One Biopharmaceuticals (NASDAQ:DAWN) Stock Price Up 26.2% – What’s Next?

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) shot up 26.2% during mid-day trading on Wednesday . The company traded as high as $12.70 and last traded at $12.66. 5,165,907 shares traded hands during trading, an increase of 114% from the average session volume of 2,412,917 shares. The stock had previously closed at $10.03.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on DAWN. TD Cowen started coverage on shares of Day One Biopharmaceuticals in a research note on Tuesday, January 13th. They set a “buy” rating and a $34.00 target price on the stock. Needham & Company LLC cut their target price on Day One Biopharmaceuticals from $18.00 to $17.00 and set a “buy” rating on the stock in a report on Wednesday, February 25th. HC Wainwright cut their target price on shares of Day One Biopharmaceuticals from $25.00 to $22.00 and set a “buy” rating for the company in a research report on Wednesday, February 25th. Piper Sandler boosted 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. Finally, JPMorgan Chase & Co. increased their price target 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. Seven research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Day One Biopharmaceuticals currently has a consensus rating of “Moderate Buy” and an average target price of $26.14.

Day One Biopharmaceuticals Trading Up 27.4%

The business’s fifty day moving average price is $10.74 and its 200 day moving average price is $8.89. The company has a market capitalization of $1.32 billion, a P/E ratio of -12.41 and a beta of -1.25.

Day One Biopharmaceuticals (NASDAQ:DAWN) last posted its earnings results on Tuesday, February 24th. The company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.17) by ($0.04). The business had revenue of $53.72 million during the quarter, compared to the consensus estimate of $49.81 million. Day One Biopharmaceuticals had a negative net margin of 67.85% and a negative return on equity of 23.43%. Equities research analysts anticipate that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current year.

Insider Buying and Selling at Day One Biopharmaceuticals

In other Day One Biopharmaceuticals news, insider Lauren Merendino sold 5,814 shares of the company’s stock in a transaction on Tuesday, February 17th. The stock was sold at an average price of $11.60, for a total value of $67,442.40. Following the sale, the insider directly owned 60,157 shares in the company, valued at $697,821.20. This represents a 8.81% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Adam Dubow sold 6,395 shares of Day One Biopharmaceuticals stock in a transaction on Tuesday, February 17th. The shares were sold at an average price of $11.60, for a total value of $74,182.00. Following the transaction, the insider directly owned 72,694 shares of the company’s stock, valued at approximately $843,250.40. The trade was a 8.09% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 36,461 shares of company stock worth $422,948 over the last three months. 6.20% of the stock is currently owned by insiders.

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. Invesco Ltd. increased its holdings in shares of Day One Biopharmaceuticals by 26.5% during the fourth quarter. Invesco Ltd. now owns 123,994 shares of the company’s stock worth $1,156,000 after buying an additional 25,952 shares in the last quarter. Oracle Investment Management Inc. acquired a new position in shares of Day One Biopharmaceuticals in the 4th quarter worth approximately $932,000. XTX Topco Ltd grew its position in Day One Biopharmaceuticals by 62.9% during the 4th quarter. XTX Topco Ltd now owns 128,440 shares of the company’s stock worth $1,197,000 after acquiring an additional 49,592 shares during the last quarter. VARCOV Co. acquired a new stake in Day One Biopharmaceuticals during the 4th quarter valued at $261,000. Finally, Vestal Point Capital LP increased its holdings in Day One Biopharmaceuticals by 94.4% during the 4th quarter. Vestal Point Capital LP now owns 5,200,000 shares of the company’s stock valued at $48,464,000 after purchasing an additional 2,525,000 shares in the last quarter. 87.95% of the stock is currently owned by institutional investors and hedge funds.

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.