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

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN)’s stock price gapped up before the market opened on Wednesday . The stock had previously closed at $8.60, but opened at $9.10. Day One Biopharmaceuticals shares last traded at $9.32, with a volume of 379,562 shares traded.

Analyst Ratings Changes

DAWN has been the topic of a number of research analyst reports. HC Wainwright decreased their price target on shares of Day One Biopharmaceuticals from $40.00 to $36.00 and set a “buy” rating on the stock in a report on Wednesday, February 26th. Wedbush reiterated an “outperform” rating and issued a $32.00 target price on shares of Day One Biopharmaceuticals in a report on Wednesday, February 26th. Needham & Company LLC reissued a “buy” rating and set a $32.00 price target on shares of Day One Biopharmaceuticals in a research report on Wednesday, February 26th. Bank of America dropped their price target on Day One Biopharmaceuticals from $28.00 to $25.00 and set a “buy” rating for the company in a research note on Tuesday, January 7th. Finally, JPMorgan Chase & Co. reduced their price objective on Day One Biopharmaceuticals from $39.00 to $34.00 and set an “overweight” rating on the stock in a research note on Wednesday. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Day One Biopharmaceuticals currently has an average rating of “Buy” and an average price target of $34.57.

Day One Biopharmaceuticals Price Performance

The company has a market cap of $925.57 million, a PE ratio of -8.85 and a beta of -1.46. The company has a 50-day moving average price of $11.99 and a two-hundred day moving average price of $13.30.

Day One Biopharmaceuticals (NASDAQ:DAWN) last released its quarterly earnings results on Tuesday, February 25th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.34). The business had revenue of $29.21 million during the quarter, compared to analysts’ expectations of $27.11 million. On average, equities research analysts anticipate that Day One Biopharmaceuticals, Inc. will post -0.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Jeremy Bender sold 12,048 shares of Day One Biopharmaceuticals stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $11.96, for a total transaction of $144,094.08. Following the sale, the chief executive officer now directly owns 128,015 shares of the company’s stock, valued at approximately $1,531,059.40. The trade was a 8.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Samuel C. Blackman sold 30,000 shares of the business’s stock in a transaction dated Tuesday, December 10th. The stock was sold at an average price of $13.31, for a total value of $399,300.00. Following the completion of the transaction, the insider now owns 1,034,015 shares in the company, valued at approximately $13,762,739.65. This trade represents a 2.82 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 51,064 shares of company stock worth $651,225 in the last quarter. 8.40% of the stock is owned by corporate insiders.

Institutional Trading of Day One Biopharmaceuticals

Hedge funds have recently made changes to their positions in the stock. FMR LLC boosted its stake in 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 acquiring an additional 5,475,087 shares during the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Day One Biopharmaceuticals during the fourth quarter worth about $31,829,000. Braidwell LP grew its stake in Day One Biopharmaceuticals by 60.5% in 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 increased its holdings in 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 buying an additional 1,250,000 shares during the last quarter. Finally, Boxer Capital Management LLC acquired a new stake in Day One Biopharmaceuticals during the fourth quarter valued at approximately $15,077,000. Institutional investors and hedge funds 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.