Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) Sees Significant Growth in Short Interest

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) was the recipient of a significant growth in short interest in September. As of September 15th, there was short interest totalling 15,100,000 shares, a growth of 7.2% from the August 31st total of 14,080,000 shares. Currently, 25.5% of the shares of the stock are short sold. Based on an average trading volume of 980,300 shares, the days-to-cover ratio is presently 15.4 days.

Day One Biopharmaceuticals Stock Performance

Shares of NASDAQ DAWN opened at $14.00 on Wednesday. The firm’s 50 day moving average price is $14.08 and its 200-day moving average price is $14.48. The company has a market cap of $1.22 billion, a PE ratio of -5.58 and a beta of -1.51. Day One Biopharmaceuticals has a 52-week low of $9.67 and a 52-week high of $18.07.

Day One Biopharmaceuticals (NASDAQ:DAWN) last issued its earnings results on Tuesday, July 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.75) by $0.70. The firm had revenue of $8.19 million during the quarter, compared to the consensus estimate of $0.90 million. On average, analysts forecast that Day One Biopharmaceuticals will post -1.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Samuel C. Blackman sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $14.22, for a total value of $426,600.00. Following the transaction, the insider now owns 1,097,535 shares in the company, valued at $15,606,947.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Samuel C. Blackman sold 20,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $16.01, for a total value of $320,200.00. Following the transaction, the insider now owns 1,121,081 shares in the company, valued at $17,948,506.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Samuel C. Blackman sold 30,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $14.22, for a total transaction of $426,600.00. Following the completion of the transaction, the insider now owns 1,097,535 shares in the company, valued at approximately $15,606,947.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 68,748 shares of company stock valued at $1,009,272. 8.40% of the stock is currently owned by corporate insiders.

Institutional Trading of Day One Biopharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Point72 DIFC Ltd purchased a new stake in Day One Biopharmaceuticals during the second quarter valued at approximately $124,000. Point72 Asset Management L.P. purchased a new stake in Day One Biopharmaceuticals during the second quarter valued at approximately $6,480,000. Deerfield Management Company L.P. Series C increased its stake in shares of Day One Biopharmaceuticals by 65.6% in the second quarter. Deerfield Management Company L.P. Series C now owns 2,923,137 shares of the company’s stock worth $40,281,000 after purchasing an additional 1,157,825 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Day One Biopharmaceuticals by 517.0% in the second quarter. AQR Capital Management LLC now owns 113,020 shares of the company’s stock worth $1,557,000 after purchasing an additional 94,703 shares in the last quarter. Finally, Squarepoint Ops LLC purchased a new stake in shares of Day One Biopharmaceuticals in the second quarter worth $2,570,000. 87.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Piper Sandler restated an “overweight” rating and issued a $40.00 price objective on shares of Day One Biopharmaceuticals in a report on Monday, July 8th. Needham & Company LLC restated a “buy” rating and set a $33.00 price target on shares of Day One Biopharmaceuticals in a research report on Tuesday, July 30th. Wedbush reaffirmed an “outperform” rating and issued a $33.00 price target on shares of Day One Biopharmaceuticals in a research note on Thursday, July 25th. Bank of America raised Day One Biopharmaceuticals from an “underperform” rating to a “buy” rating and raised their price objective for the company from $11.00 to $24.00 in a research report on Thursday, August 1st. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $40.00 target price on shares of Day One Biopharmaceuticals in a research report on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $35.71.

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.