Wedbush Reiterates Outperform Rating for Day One Biopharmaceuticals (NASDAQ:DAWN)

Day One Biopharmaceuticals (NASDAQ:DAWN)‘s stock had its “outperform” rating reiterated by equities research analysts at Wedbush in a report issued on Wednesday,Benzinga reports. They presently have a $32.00 target price on the stock. Wedbush’s price objective suggests a potential upside of 211.04% from the company’s current price.

Several other equities research analysts have also recently issued reports on DAWN. Needham & Company LLC reaffirmed a “buy” rating and set a $32.00 price objective on shares of Day One Biopharmaceuticals in a research report on Wednesday. The Goldman Sachs Group decreased their price objective on shares of Day One Biopharmaceuticals from $48.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, February 10th. TD Cowen raised shares of Day One Biopharmaceuticals to a “strong-buy” rating in a research report on Monday, November 4th. Bank of America decreased their price objective on shares of Day One Biopharmaceuticals from $28.00 to $25.00 and set a “buy” rating for the company in a research report on Tuesday, January 7th. Finally, HC Wainwright decreased their price objective on shares of Day One Biopharmaceuticals from $40.00 to $36.00 and set a “buy” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $34.86.

Day One Biopharmaceuticals Stock Performance

Shares of NASDAQ:DAWN traded down $1.53 during trading on Wednesday, hitting $10.29. The company’s stock had a trading volume of 674,381 shares, compared to its average volume of 973,058. The business has a 50 day moving average price of $12.34 and a two-hundred day moving average price of $13.46. The company has a market capitalization of $1.04 billion, a PE ratio of -9.95 and a beta of -1.46. Day One Biopharmaceuticals has a fifty-two week low of $10.06 and a fifty-two week high of $18.07.

Day One Biopharmaceuticals (NASDAQ:DAWN) last posted its quarterly earnings results on Tuesday, February 25th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.34). The business had revenue of $29.21 million for the quarter, compared to analyst estimates of $27.11 million. As a group, equities analysts expect that Day One Biopharmaceuticals will post -0.72 earnings per share for the current fiscal year.

Insider Buying and Selling at Day One Biopharmaceuticals

In other news, insider Samuel C. Blackman sold 30,000 shares of the stock in a transaction dated Tuesday, December 10th. The shares were sold at an average price of $13.31, for a total transaction of $399,300.00. Following the completion of the sale, the insider now owns 1,034,015 shares in the company, valued at approximately $13,762,739.65. This represents a 2.82 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, General Counsel Adam Dubow sold 4,646 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $11.96, for a total transaction of $55,566.16. Following the sale, the general counsel now owns 39,602 shares of the company’s stock, valued at $473,639.92. This trade represents a 10.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,064 shares of company stock worth $651,225 over the last 90 days. Corporate insiders own 8.40% of the company’s stock.

Institutional Investors Weigh In On Day One Biopharmaceuticals

Several hedge funds have recently made changes to their positions in DAWN. FMR LLC boosted its stake in shares of Day One Biopharmaceuticals by 73.9% during the fourth quarter. FMR LLC now owns 12,887,467 shares of the company’s stock worth $163,284,000 after buying an additional 5,475,087 shares during the period. Alyeska Investment Group L.P. purchased a new position in Day One Biopharmaceuticals during the fourth quarter worth about $31,829,000. Braidwell LP raised its holdings in Day One Biopharmaceuticals by 60.5% during the third quarter. Braidwell LP now owns 4,873,853 shares of the company’s stock worth $67,893,000 after purchasing an additional 1,837,949 shares in the last quarter. Vestal Point Capital LP raised its holdings in Day One Biopharmaceuticals by 100.0% during the third quarter. Vestal Point Capital LP now owns 2,500,000 shares of the company’s stock worth $34,825,000 after purchasing an additional 1,250,000 shares in the last quarter. Finally, Boxer Capital Management LLC purchased a new position in Day One Biopharmaceuticals during the fourth quarter worth about $15,077,000. Institutional investors and hedge funds 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.