Day One Biopharmaceuticals (NASDAQ:DAWN) Shares Gap Up – Here’s Why

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) shares gapped up before the market opened on Wednesday . The stock had previously closed at $14.46, but opened at $14.97. Day One Biopharmaceuticals shares last traded at $14.69, with a volume of 204,907 shares.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on DAWN. Wedbush reaffirmed an “outperform” rating and set a $33.00 price objective on shares of Day One Biopharmaceuticals in a report on Thursday, July 25th. Needham & Company LLC boosted their price objective on shares of Day One Biopharmaceuticals from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler reissued an “overweight” rating and set a $40.00 price objective on shares of Day One Biopharmaceuticals in a research note on Monday, July 8th. Bank of America upgraded Day One Biopharmaceuticals from an “underperform” rating to a “buy” rating and increased their price target for the stock from $11.00 to $24.00 in a report on Thursday, August 1st. 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, August 1st. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Day One Biopharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $35.71.

Day One Biopharmaceuticals Stock Down 1.4 %

The firm has a market cap of $1.25 billion, a P/E ratio of -5.72 and a beta of -1.51. The firm’s 50-day simple moving average is $14.10 and its 200 day simple moving average is $14.37.

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

Insider Transactions at Day One Biopharmaceuticals

In other Day One Biopharmaceuticals news, insider Samuel C. Blackman sold 30,000 shares of the company’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 transaction of $426,600.00. Following the completion of the sale, the insider now directly owns 1,097,535 shares of the company’s stock, valued at approximately $15,606,947.70. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Jeremy Bender sold 10,681 shares of Day One Biopharmaceuticals stock in a transaction on Friday, August 16th. The shares were sold at an average price of $14.00, for a total transaction of $149,534.00. Following the transaction, the chief executive officer now owns 98,932 shares in the company, valued at approximately $1,385,048. The trade was a 0.00 % 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 Samuel C. Blackman sold 30,000 shares of the stock in a transaction on Tuesday, September 10th. The stock was sold at an average price of $14.22, for a total value of $426,600.00. Following the completion of the sale, the insider now owns 1,097,535 shares of the company’s stock, valued at $15,606,947.70. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 48,748 shares of company stock valued at $689,072. Insiders own 8.40% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. Deerfield Management Company L.P. Series C lifted its position in shares of Day One Biopharmaceuticals by 65.6% during 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 during the last quarter. Estuary Capital Management LP increased its holdings in shares of Day One Biopharmaceuticals by 82.5% in the first quarter. Estuary Capital Management LP now owns 1,611,137 shares of the company’s stock valued at $26,616,000 after purchasing an additional 728,240 shares during the period. Ally Bridge Group NY LLC acquired a new stake in shares of Day One Biopharmaceuticals during the second quarter worth about $7,387,000. Point72 Asset Management L.P. acquired a new position in Day One Biopharmaceuticals in the 2nd quarter worth approximately $6,480,000. Finally, Janus Henderson Group PLC increased its stake in shares of Day One Biopharmaceuticals by 19.8% in the first quarter. Janus Henderson Group PLC now owns 2,032,384 shares of the company’s stock worth $33,575,000 after acquiring an additional 336,281 shares during the period. 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.