Day One Biopharmaceuticals (NASDAQ:DAWN) Sees Strong Trading Volume – Here’s Why

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) saw unusually-strong trading volume on Wednesday . Approximately 2,413,634 shares were traded during mid-day trading, an increase of 154% from the previous session’s volume of 948,985 shares.The stock last traded at $13.80 and had previously closed at $13.59.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on DAWN shares. TD Cowen upgraded Day One Biopharmaceuticals to a “strong-buy” rating in a research report on Monday, November 4th. Needham & Company LLC restated a “buy” rating and issued a $33.00 price target on shares of Day One Biopharmaceuticals in a research report on Thursday, October 31st. JPMorgan Chase & Co. reduced their price target on Day One Biopharmaceuticals from $38.00 to $36.00 and set an “overweight” rating on the stock in a research report on Tuesday, August 6th. Finally, HC Wainwright reiterated a “buy” rating and set a $40.00 target price on shares of Day One Biopharmaceuticals in a report on Thursday, October 31st. One research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $35.71.

Day One Biopharmaceuticals Stock Up 1.5 %

The firm has a market cap of $1.39 billion, a P/E ratio of -13.42 and a beta of -1.51. The stock’s 50-day simple moving average is $14.30 and its 200 day simple moving average is $14.10.

Day One Biopharmaceuticals (NASDAQ:DAWN) last issued its earnings results on Wednesday, October 30th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.58. The firm had revenue of $93.76 million during the quarter, compared to the consensus estimate of $15.05 million. During the same quarter in the prior year, the business earned ($0.54) earnings per share. On average, research analysts forecast that Day One Biopharmaceuticals, Inc. will post -0.88 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Samuel C. Blackman sold 11,245 shares of the stock in a transaction dated Thursday, November 7th. The shares were sold at an average price of $16.03, for a total value of $180,257.35. Following the sale, the insider now directly owns 1,085,790 shares of the company’s stock, valued at approximately $17,405,213.70. This represents a 1.03 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last three months, insiders have sold 51,745 shares of company stock worth $775,867. 8.40% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Day One Biopharmaceuticals by 38.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,611 shares of the company’s stock worth $51,000 after purchasing an additional 1,002 shares during the last quarter. Quest Partners LLC raised its position in shares of Day One Biopharmaceuticals by 9,238.6% in the 3rd quarter. Quest Partners LLC now owns 7,751 shares of the company’s stock worth $108,000 after purchasing an additional 7,668 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of Day One Biopharmaceuticals in the 2nd quarter worth about $113,000. Point72 DIFC Ltd purchased a new position in Day One Biopharmaceuticals in the 2nd quarter worth about $124,000. Finally, Hsbc Holdings PLC purchased a new position in Day One Biopharmaceuticals in the 2nd quarter worth about $163,000. 87.95% of the stock is owned by hedge funds and other institutional investors.

Day One Biopharmaceuticals Company Profile

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.