Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) Sees Large Increase in Short Interest

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) was the target of a large growth in short interest in September. As of September 15th, there was short interest totalling 15,100,000 shares, a growth of 7.2% from the August 31st total of 14,080,000 shares. Approximately 25.5% of the company’s stock are short sold. Based on an average trading volume of 980,300 shares, the short-interest ratio is currently 15.4 days.

Insider Transactions at Day One Biopharmaceuticals

In related news, insider Samuel C. Blackman sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $16.01, for a total value of $320,200.00. Following the completion of the transaction, the insider now directly owns 1,121,081 shares of the company’s stock, valued at $17,948,506.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Samuel C. Blackman sold 2,232 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $14.00, for a total transaction of $31,248.00. Following the transaction, the insider now owns 1,127,535 shares in the company, valued at approximately $15,785,490. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Samuel C. Blackman sold 20,000 shares of the firm’s 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 in the company, valued at $17,948,506.81. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 68,748 shares of company stock valued at $1,009,272. Corporate insiders own 8.40% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Deerfield Management Company L.P. Series C boosted its position in Day One Biopharmaceuticals by 65.6% during the 2nd 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 purchasing an additional 1,157,825 shares during the period. Estuary Capital Management LP grew its position in shares of Day One Biopharmaceuticals by 82.5% during the first quarter. Estuary Capital Management LP now owns 1,611,137 shares of the company’s stock worth $26,616,000 after acquiring an additional 728,240 shares during the last quarter. Ally Bridge Group NY LLC bought a new position in shares of Day One Biopharmaceuticals during the second quarter worth about $7,387,000. Braidwell LP grew its position in Day One Biopharmaceuticals by 13.5% in the 4th quarter. Braidwell LP now owns 4,215,573 shares of the company’s stock worth $61,547,000 after purchasing an additional 500,000 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Day One Biopharmaceuticals by 28.7% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,118,849 shares of the company’s stock valued at $30,935,000 after purchasing an additional 472,654 shares during the period. 87.95% of the stock is owned by institutional investors and hedge funds.

Day One Biopharmaceuticals Stock Performance

NASDAQ:DAWN traded down $0.02 during mid-day trading on Tuesday, hitting $13.91. 470,716 shares of the company’s stock traded hands, compared to its average volume of 908,819. The firm’s 50 day simple moving average is $14.12 and its 200 day simple moving average is $14.48. The company has a market cap of $1.22 billion, a PE ratio of -5.55 and a beta of -1.51. Day One Biopharmaceuticals has a 1 year low of $9.67 and a 1 year high of $18.07.

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

Wall Street Analyst Weigh In

DAWN has been the topic of a number of recent research reports. JPMorgan Chase & Co. dropped their target price on Day One Biopharmaceuticals from $38.00 to $36.00 and set an “overweight” rating on the stock in a report on Tuesday, August 6th. Wedbush reiterated an “outperform” rating and set a $33.00 target price on shares of Day One Biopharmaceuticals in a research report on Thursday, July 25th. HC Wainwright reissued a “buy” rating and set a $40.00 target price on shares of Day One Biopharmaceuticals in a research note on Thursday, August 1st. Bank of America upgraded Day One Biopharmaceuticals from an “underperform” rating to a “buy” rating and lifted their price target for the company from $11.00 to $24.00 in a research note on Thursday, August 1st. Finally, Piper Sandler reiterated an “overweight” rating and issued a $40.00 price objective on shares of Day One Biopharmaceuticals in a research report on Monday, July 8th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Day One Biopharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $35.71.

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.