Day One Biopharmaceuticals (NASDAQ:DAWN) Stock Price Down 5.5% on Analyst Downgrade

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN)’s share price was down 5.5% during trading on Thursday after JPMorgan Chase & Co. lowered their price target on the stock from $39.00 to $34.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Day One Biopharmaceuticals traded as low as $8.97 and last traded at $9.17. Approximately 108,005 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 1,181,862 shares. The stock had previously closed at $9.70.

Other equities research analysts also recently issued reports about the company. Bank of America reduced their price objective on Day One Biopharmaceuticals from $28.00 to $25.00 and set a “buy” rating for the company in a report on Tuesday, January 7th. HC Wainwright reduced their price target on shares of Day One Biopharmaceuticals from $40.00 to $36.00 and set a “buy” rating for the company in a research note on Wednesday, February 26th. 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 report on Monday, February 10th. Wedbush reaffirmed an “outperform” rating and issued a $32.00 target price on shares of Day One Biopharmaceuticals in a research report on Wednesday, February 26th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $32.00 target price on shares of Day One Biopharmaceuticals in a research note on Wednesday, February 26th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Day One Biopharmaceuticals currently has an average rating of “Buy” and a consensus target price of $34.57.

Insiders Place Their Bets

In other news, CFO Charles N. York II sold 4,370 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $11.96, for a total value of $52,265.20. Following the completion of the sale, the chief financial officer now directly owns 252,638 shares in the company, valued at $3,021,550.48. This represents a 1.70 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Jeremy Bender sold 12,048 shares of the business’s stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $11.96, for a total value of $144,094.08. Following the sale, the chief executive officer now directly owns 128,015 shares of the company’s stock, valued at $1,531,059.40. This represents a 8.60 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 51,064 shares of company stock worth $651,225. Company insiders own 8.40% of the company’s stock.

Hedge Funds Weigh In On Day One Biopharmaceuticals

Several large investors have recently added to or reduced their stakes in DAWN. FMR LLC raised its position in shares of Day One Biopharmaceuticals by 73.9% during the 4th quarter. FMR LLC now owns 12,887,467 shares of the company’s stock valued at $163,284,000 after purchasing an additional 5,475,087 shares during the period. Alyeska Investment Group L.P. purchased a new stake in Day One Biopharmaceuticals in the 4th quarter worth $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 valued at $67,893,000 after acquiring an additional 1,837,949 shares during the period. Vestal Point Capital LP lifted its position in shares of Day One Biopharmaceuticals by 100.0% in the third quarter. Vestal Point Capital LP now owns 2,500,000 shares of the company’s stock valued at $34,825,000 after acquiring an additional 1,250,000 shares in the last quarter. Finally, Boxer Capital Management LLC bought a new position in shares of Day One Biopharmaceuticals in the fourth quarter worth about $15,077,000. Hedge funds and other institutional investors own 87.95% of the company’s stock.

Day One Biopharmaceuticals Price Performance

The firm has a 50-day moving average of $11.93 and a 200-day moving average of $13.27. The stock has a market cap of $930.34 million, a PE ratio of -8.90 and a beta of -1.46.

Day One Biopharmaceuticals (NASDAQ:DAWN) last announced its quarterly earnings data on Tuesday, February 25th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. Equities analysts forecast that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current fiscal year.

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.