Day One Biopharmaceuticals (NASDAQ:DAWN) Trading 8% Higher – Still a Buy?

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) rose 8% during mid-day trading on Tuesday . The company traded as high as $9.29 and last traded at $9.5860. Approximately 301,048 shares were traded during trading, a decline of 80% from the average daily volume of 1,512,727 shares. The stock had previously closed at $8.88.

Analyst Ratings Changes

Several research analysts recently weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Day One Biopharmaceuticals in a research note on Wednesday, November 19th. Piper Sandler lifted their target price on shares of Day One Biopharmaceuticals from $25.00 to $26.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. JPMorgan Chase & Co. upped their price target on shares of Day One Biopharmaceuticals from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. Zacks Research raised Day One Biopharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Finally, HC Wainwright reiterated a “buy” rating and set a $25.00 price target on shares of Day One Biopharmaceuticals in a research note on Monday. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.43.

Day One Biopharmaceuticals Stock Up 6.7%

The company has a 50-day moving average of $7.76 and a 200 day moving average of $7.10. The stock has a market capitalization of $972.89 million, a PE ratio of -6.23 and a beta of -1.25.

Day One Biopharmaceuticals (NASDAQ:DAWN) last posted its quarterly earnings results on Tuesday, November 4th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.09. Day One Biopharmaceuticals had a negative return on equity of 32.05% and a negative net margin of 113.53%.The business had revenue of $39.80 million for the quarter, compared to analyst estimates of $38.20 million. During the same quarter in the previous year, the firm earned $0.38 EPS. The company’s quarterly revenue was down 57.6% compared to the same quarter last year. As a group, equities analysts predict that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current fiscal year.

Insider Activity

In other news, CFO Charles N. York II sold 4,062 shares of Day One Biopharmaceuticals stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $8.91, for a total transaction of $36,192.42. Following the sale, the chief financial officer owned 294,715 shares of the company’s stock, valued at approximately $2,625,910.65. The trade was a 1.36% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Adam Dubow sold 4,319 shares of the stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $8.91, for a total transaction of $38,482.29. Following the transaction, the insider directly owned 62,626 shares of the company’s stock, valued at approximately $557,997.66. This trade represents a 6.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,001 shares of company stock worth $249,489 over the last quarter. 6.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Day One Biopharmaceuticals

A number of large investors have recently modified their holdings of DAWN. Federated Hermes Inc. acquired a new position in Day One Biopharmaceuticals during the 3rd quarter worth $39,000. Ameritas Investment Partners Inc. boosted its stake in shares of Day One Biopharmaceuticals by 44.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,349 shares of the company’s stock valued at $48,000 after buying an additional 2,264 shares during the period. Quarry LP acquired a new position in shares of Day One Biopharmaceuticals during the third quarter worth about $49,000. Entropy Technologies LP purchased a new stake in shares of Day One Biopharmaceuticals during the second quarter worth approximately $67,000. Finally, Prudential Financial Inc. acquired a new stake in Day One Biopharmaceuticals in the second quarter valued at approximately $69,000. Hedge funds and other institutional investors own 87.95% of the company’s stock.

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.