Day One Biopharmaceuticals (NASDAQ:DAWN) Sees Strong Trading Volume – Still a Buy?

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) shares saw unusually-high trading volume on Thursday . Approximately 2,403,458 shares traded hands during mid-day trading, an increase of 49% from the previous session’s volume of 1,612,057 shares.The stock last traded at $10.0650 and had previously closed at $8.76.

Analysts Set New Price Targets

A number of brokerages recently issued reports on DAWN. Needham & Company LLC restated a “buy” rating and issued a $16.00 target price on shares of Day One Biopharmaceuticals in a report on Monday, November 24th. Zacks Research upgraded shares of Day One Biopharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 13th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Day One Biopharmaceuticals in a report on Monday. HC Wainwright reiterated a “buy” rating and issued a $25.00 target price on shares of Day One Biopharmaceuticals in a report on Monday, November 24th. Finally, Piper Sandler upped their price objective on shares of Day One Biopharmaceuticals from $25.00 to $26.00 and gave the company an “overweight” rating in a research note on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $24.43.

Day One Biopharmaceuticals Price Performance

The business has a 50 day moving average of $8.37 and a 200 day moving average of $7.40. The firm has a market capitalization of $948.73 million, a price-to-earnings ratio of -6.08 and a beta of -1.27.

Day One Biopharmaceuticals (NASDAQ:DAWN) last announced its quarterly earnings results on Tuesday, November 4th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.28) by $0.09. The business had revenue of $39.80 million for the quarter, compared to analyst estimates of $38.20 million. Day One Biopharmaceuticals had a negative return on equity of 32.05% and a negative net margin of 113.53%.Day One Biopharmaceuticals’s quarterly revenue was down 57.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.38 EPS. On average, sell-side analysts forecast that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current fiscal year.

Insider Activity at Day One Biopharmaceuticals

In related news, insider Lauren Merendino sold 3,726 shares of the company’s stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $8.91, for a total value of $33,198.66. Following the completion of the sale, the insider owned 50,809 shares in the company, valued at approximately $452,708.19. This represents a 6.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Charles N. York II sold 4,062 shares of the stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $8.91, for a total transaction of $36,192.42. Following the completion of the sale, the chief financial officer owned 294,715 shares in the company, valued at $2,625,910.65. This represents a 1.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 28,001 shares of company stock worth $249,489 in the last 90 days. Corporate insiders own 6.20% of the company’s stock.

Institutional Investors Weigh In On Day One Biopharmaceuticals

A number of hedge funds have recently modified their holdings of DAWN. ProShare Advisors LLC increased its holdings in Day One Biopharmaceuticals by 12.9% during the 2nd quarter. ProShare Advisors LLC now owns 18,545 shares of the company’s stock worth $121,000 after purchasing an additional 2,121 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Day One Biopharmaceuticals by 6.0% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 37,992 shares of the company’s stock worth $302,000 after buying an additional 2,149 shares during the last quarter. Ameritas Investment Partners Inc. lifted its stake in Day One Biopharmaceuticals by 44.5% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 7,349 shares of the company’s stock valued at $48,000 after purchasing an additional 2,264 shares during the last quarter. Optimize Financial Inc raised its stake in Day One Biopharmaceuticals by 16.0% in the first quarter. Optimize Financial Inc now owns 17,960 shares of the company’s stock valued at $142,000 after buying an additional 2,473 shares during the period. Finally, Teacher Retirement System of Texas lifted its position in shares of Day One Biopharmaceuticals by 18.4% in the second quarter. Teacher Retirement System of Texas now owns 17,721 shares of the company’s stock valued at $115,000 after buying an additional 2,750 shares during the last quarter. Institutional investors and hedge funds own 87.95% of the company’s stock.

About Day One Biopharmaceuticals

Day One Biopharmaceuticals, Inc (NASDAQ: DAWN) is a clinical-stage biopharmaceutical company focused on the discovery and development of targeted therapies for oncology. The company employs a precision medicine approach, leveraging biomarker-driven strategies to identify patient populations most likely to respond to its investigational compounds. By concentrating on well-validated molecular drivers of cancer, Day One seeks to deliver first-in-class or best-in-class therapies with the potential for meaningful clinical benefit.

The company’s pipeline includes several small-molecule candidates in various stages of development.