Day One Biopharmaceuticals (NASDAQ:DAWN) Trading 5.6% Higher After Insider Buying Activity

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWNGet Rating) shares traded up 5.6% on Thursday after an insider bought additional shares in the company. The stock traded as high as $16.95 and last traded at $16.91. 5,083 shares changed hands during mid-day trading, a decline of 100% from the average session volume of 4,168,159 shares. The stock had previously closed at $16.01.

Specifically, Director Michael Gladstone bought 766,667 shares of the company’s stock in a transaction that occurred on Friday, June 17th. The shares were purchased at an average price of $15.00 per share, for a total transaction of $11,500,005.00. Following the acquisition, the director now directly owns 766,667 shares of the company’s stock, valued at approximately $11,500,005. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, major shareholder Ai Day1 Llc bought 1,200,000 shares of the company’s stock in a transaction that occurred on Friday, June 17th. The stock was purchased at an average price of $15.00 per share, for a total transaction of $18,000,000.00. Following the acquisition, the insider now directly owns 10,684,638 shares in the company, valued at $160,269,570. The disclosure for this purchase can be found here.

Several research firms have recently issued reports on DAWN. Wedbush boosted their price objective on shares of Day One Biopharmaceuticals from $32.00 to $35.00 and gave the stock an “outperform” rating in a report on Monday, June 13th. Piper Sandler boosted their price objective on shares of Day One Biopharmaceuticals from $35.00 to $40.00 and gave the stock an “overweight” rating in a report on Monday.

The firm’s fifty day moving average price is $9.50 and its 200-day moving average price is $12.27.

Day One Biopharmaceuticals (NASDAQ:DAWNGet Rating) last posted its quarterly earnings data on Thursday, May 12th. The company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.39) by ($0.09). On average, equities analysts forecast that Day One Biopharmaceuticals, Inc. will post -2.05 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Canaan Partners XI LLC bought a new stake in Day One Biopharmaceuticals in the fourth quarter valued at about $162,832,000. RA Capital Management L.P. increased its stake in Day One Biopharmaceuticals by 22.0% in the first quarter. RA Capital Management L.P. now owns 6,060,090 shares of the company’s stock valued at $60,116,000 after acquiring an additional 1,094,502 shares during the period. Deerfield Management Company L.P. Series C increased its stake in Day One Biopharmaceuticals by 28.7% in the fourth quarter. Deerfield Management Company L.P. Series C now owns 2,202,533 shares of the company’s stock valued at $37,113,000 after acquiring an additional 491,803 shares during the period. BlackRock Inc. increased its stake in Day One Biopharmaceuticals by 54.6% in the first quarter. BlackRock Inc. now owns 1,162,916 shares of the company’s stock valued at $11,537,000 after acquiring an additional 410,797 shares during the period. Finally, Pathway Capital Management LP bought a new stake in Day One Biopharmaceuticals in the fourth quarter valued at about $4,082,000. 79.02% of the stock is currently owned by institutional investors and hedge funds.

About Day One Biopharmaceuticals (NASDAQ:DAWN)

Day One Biopharmaceuticals, Inc, a clinical-stage biopharmaceutical company, develops and commercializes targeted therapies for patients with genetically defined cancers. Its lead product candidate is DAY101, an oral brain-penetrant type II pan-rapidly accelerated fibrosarcoma kinase inhibitor that is in Phase II clinical trial for pediatric patients with relapsed/progressive low-grade glioma.

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