Day One Biopharmaceuticals (NASDAQ:DAWN) Shares Gap Up Following Analyst Upgrade

Posted by Defense World Staff on Jun 7th, 2023

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN – Get Rating) shares gapped up prior to trading on Monday after HC Wainwright raised their price target on the stock from $45.00 to $50.00. The stock had previously closed at $13.60, but opened at $15.13. Day One Biopharmaceuticals shares last traded at $15.54, with a volume of 2,904,319 shares changing hands.

A number of other equities analysts have also issued reports on the company. Capital One Financial assumed coverage on Day One Biopharmaceuticals in a research report on Wednesday, February 8th. They issued an “overweight” rating and a $40.00 target price on the stock. Bank of America lowered Day One Biopharmaceuticals from a “buy” rating to an “underperform” rating in a research report on Tuesday, April 25th. Finally, Needham & Company LLC cut their target price on Day One Biopharmaceuticals from $48.00 to $44.00 and set a “buy” rating on the stock in a research report on Wednesday, April 5th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, Day One Biopharmaceuticals currently has an average rating of “Moderate Buy” and an average price target of $44.29.

Insider Activity

In other news, CEO Jeremy Bender sold 3,104 shares of the business’s stock in a transaction that occurred on Tuesday, May 16th. The stock was sold at an average price of $13.12, for a total value of $40,724.48. Following the completion of the sale, the chief executive officer now directly owns 1,179,484 shares in the company, valued at approximately $15,474,830.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other Day One Biopharmaceuticals news, CEO Jeremy Bender sold 3,104 shares of the stock in a transaction on Tuesday, May 16th. The stock was sold at an average price of $13.12, for a total value of $40,724.48. Following the sale, the chief executive officer now directly owns 1,179,484 shares of the company’s stock, valued at $15,474,830.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Samuel C. Blackman sold 10,000 shares of the stock in a transaction on Friday, March 10th. The stock was sold at an average price of $18.05, for a total value of $180,500.00. Following the completion of the sale, the insider now directly owns 1,233,660 shares in the company, valued at $22,267,563. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,751 shares of company stock worth $242,833. 8.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Day One Biopharmaceuticals

Large investors have recently added to or reduced their stakes in the stock. Braidwell LP increased its holdings in shares of Day One Biopharmaceuticals by 153.5% during the first quarter. Braidwell LP now owns 3,159,895 shares of the company’s stock valued at $42,248,000 after purchasing an additional 1,913,356 shares during the period. Goldman Sachs Group Inc. increased its holdings in shares of Day One Biopharmaceuticals by 5,969.9% during the second quarter. Goldman Sachs Group Inc. now owns 1,894,537 shares of the company’s stock valued at $33,912,000 after purchasing an additional 1,863,325 shares during the period. State Street Corp increased its holdings in shares of Day One Biopharmaceuticals by 469.1% during the third quarter. State Street Corp now owns 2,041,738 shares of the company’s stock valued at $40,896,000 after purchasing an additional 1,682,955 shares during the period. Franklin Resources Inc. increased its holdings in shares of Day One Biopharmaceuticals by 37.8% during the first quarter. Franklin Resources Inc. now owns 3,406,871 shares of the company’s stock valued at $45,550,000 after purchasing an additional 934,022 shares during the period. Finally, Nicholas Investment Partners LP increased its holdings in shares of Day One Biopharmaceuticals by 103.8% during the first quarter. Nicholas Investment Partners LP now owns 1,603,390 shares of the company’s stock valued at $21,437,000 after purchasing an additional 816,836 shares during the period. 86.08% of the stock is owned by institutional investors and hedge funds.

Day One Biopharmaceuticals Price Performance

The company has a market capitalization of $1.06 billion, a price-to-earnings ratio of -6.30 and a beta of -2.08. The business has a fifty day moving average price of $13.09 and a 200 day moving average price of $17.71.

Day One Biopharmaceuticals (NASDAQ:DAWN – Get Rating) last announced its earnings results on Monday, May 1st. The company reported ($0.59) earnings per share for the quarter, meeting the consensus estimate of ($0.59). Research analysts anticipate that Day One Biopharmaceuticals, Inc. will post -2.47 earnings per share for the current year.

About Day One Biopharmaceuticals

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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.