JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Day One Biopharmaceuticals (NASDAQ:DAWN) Stock

Day One Biopharmaceuticals (NASDAQ:DAWN) had its price objective boosted by investment analysts at JPMorgan Chase & Co. from $26.00 to $27.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 177.49% from the company’s previous close.

Several other analysts have also recently commented on DAWN. HC Wainwright reduced their target price on Day One Biopharmaceuticals from $36.00 to $25.00 and set a “buy” rating on the stock in a report on Wednesday, August 6th. Weiss Ratings restated a “sell (d-)” rating on shares of Day One Biopharmaceuticals in a research report on Thursday, October 30th. Needham & Company LLC decreased their price objective on shares of Day One Biopharmaceuticals from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Wednesday, August 6th. Piper Sandler boosted their target price on shares of Day One Biopharmaceuticals from $25.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Zacks Research raised shares of Day One Biopharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $24.43.

Day One Biopharmaceuticals Price Performance

DAWN stock traded up $0.74 during midday trading on Friday, reaching $9.73. 5,792,801 shares of the stock were exchanged, compared to its average volume of 1,438,686. The company has a fifty day moving average price of $7.34 and a 200 day moving average price of $6.96. Day One Biopharmaceuticals has a 52 week low of $5.64 and a 52 week high of $16.76. The stock has a market capitalization of $999.08 million, a PE ratio of -6.40 and a beta of -1.25.

Day One Biopharmaceuticals (NASDAQ:DAWN) last released 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 net margin of 113.53% and a negative return on equity of 32.05%. The company’s revenue for the quarter was down 57.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 earnings per share. As a group, analysts anticipate that Day One Biopharmaceuticals will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Day One Biopharmaceuticals news, insider Adam Dubow sold 4,365 shares of the firm’s stock in a transaction on Monday, August 18th. The stock was sold at an average price of $6.77, for a total transaction of $29,551.05. Following the transaction, the insider directly owned 54,858 shares in the company, valued at approximately $371,388.66. This trade represents a 7.37% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Lauren Merendino sold 3,766 shares of Day One Biopharmaceuticals stock in a transaction on Monday, August 18th. The stock was sold at an average price of $6.77, for a total transaction of $25,495.82. Following the transaction, the insider directly owned 41,931 shares in the company, valued at $283,872.87. This represents a 8.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 28,295 shares of company stock worth $191,557. 6.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Day One Biopharmaceuticals during the 1st quarter valued at $88,000. Bank of New York Mellon Corp raised its holdings in Day One Biopharmaceuticals by 1.5% during the 1st quarter. Bank of New York Mellon Corp now owns 248,380 shares of the company’s stock valued at $1,970,000 after acquiring an additional 3,551 shares during the period. Cerity Partners LLC purchased a new stake in Day One Biopharmaceuticals during the 1st quarter worth about $119,000. CWM LLC lifted its holdings in Day One Biopharmaceuticals by 16,774.4% during the 1st quarter. CWM LLC now owns 21,768 shares of the company’s stock worth $173,000 after purchasing an additional 21,639 shares in the last quarter. Finally, Allianz Asset Management GmbH bought a new position in Day One Biopharmaceuticals in the 1st quarter worth about $198,000. 87.95% of the stock is owned by 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.