Day One Biopharmaceuticals (NASDAQ:DAWN) Shares Down 4.8%

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) were down 4.8% during trading on Monday . The company traded as low as $13.94 and last traded at $14.07. Approximately 264,403 shares traded hands during trading, a decline of 71% from the average daily volume of 910,576 shares. The stock had previously closed at $14.78.

Analysts Set New Price Targets

DAWN has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on Day One Biopharmaceuticals from $38.00 to $36.00 and set an “overweight” rating on the stock in a research note on Tuesday, August 6th. Piper Sandler reaffirmed an “overweight” rating and issued a $40.00 price objective on shares of Day One Biopharmaceuticals in a research note on Monday, July 8th. Wedbush reaffirmed an “outperform” rating and issued a $33.00 price objective 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 lifted their price objective for the stock from $11.00 to $24.00 in a research note on Thursday, August 1st. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $33.00 price objective on shares of Day One Biopharmaceuticals in a research note on Tuesday, July 30th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat.com, Day One Biopharmaceuticals presently has a consensus rating of “Moderate Buy” and a consensus target price of $35.71.

Day One Biopharmaceuticals Price Performance

The firm has a market capitalization of $1.25 billion, a P/E ratio of -5.74 and a beta of -1.51. The stock has a fifty day simple moving average of $14.26 and a two-hundred day simple moving average of $14.52.

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

Insider Activity

In other news, insider Samuel C. Blackman sold 30,000 shares of the business’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 sale, the insider now owns 1,097,535 shares in the company, valued at $15,606,947.70. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Samuel C. Blackman sold 20,000 shares of Day One Biopharmaceuticals stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $16.01, for a total transaction of $320,200.00. Following the transaction, the insider now owns 1,121,081 shares of the company’s stock, valued at $17,948,506.81. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Samuel C. Blackman sold 30,000 shares of Day One Biopharmaceuticals 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 directly owns 1,097,535 shares in the company, valued at approximately $15,606,947.70. The disclosure for this sale can be found here. Insiders sold a total of 68,748 shares of company stock worth $1,009,272 over the last quarter. 8.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Point72 DIFC Ltd purchased a new position in shares of Day One Biopharmaceuticals during the second quarter valued at approximately $124,000. Point72 Asset Management L.P. purchased a new position in shares of Day One Biopharmaceuticals during the second quarter valued at approximately $6,480,000. Deerfield Management Company L.P. Series C boosted 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 valued at $40,281,000 after buying an additional 1,157,825 shares during the last quarter. AQR Capital Management LLC boosted its position in shares of Day One Biopharmaceuticals by 517.0% during the second quarter. AQR Capital Management LLC now owns 113,020 shares of the company’s stock valued at $1,557,000 after buying an additional 94,703 shares during the last quarter. Finally, Squarepoint Ops LLC purchased a new position in shares of Day One Biopharmaceuticals during the second quarter valued at approximately $2,570,000. Hedge funds and other institutional investors own 87.95% of the company’s stock.

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.