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

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) shares saw unusually-strong trading volume on Thursday . Approximately 2,403,458 shares traded hands during 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.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on DAWN. Piper Sandler boosted their price objective on Day One Biopharmaceuticals from $25.00 to $26.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 5th. Needham & Company LLC reissued a “buy” rating and set a $16.00 price target on shares of Day One Biopharmaceuticals in a research report on Monday, November 24th. JPMorgan Chase & Co. lifted their target price on shares of Day One Biopharmaceuticals from $26.00 to $27.00 and gave the company an “overweight” rating in a research note on Friday, November 7th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price objective on shares of Day One Biopharmaceuticals in a research report on Monday, November 24th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Day One Biopharmaceuticals in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $24.43.

Day One Biopharmaceuticals Stock Up 14.0%

The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -6.56 and a beta of -1.27. The business’s fifty day moving average is $8.28 and its two-hundred day moving average is $7.37.

Day One Biopharmaceuticals (NASDAQ:DAWN) last released its earnings results on Tuesday, November 4th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.28) by $0.09. The firm had revenue of $39.80 million during the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 57.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.38 EPS. As a group, sell-side analysts expect that Day One Biopharmaceuticals, Inc. will post -0.72 earnings per share for the current year.

Insider Transactions at Day One Biopharmaceuticals

In related news, insider Lauren Merendino sold 3,726 shares of Day One Biopharmaceuticals stock in a transaction on Monday, November 17th. The shares were sold at an average price of $8.91, for a total value of $33,198.66. Following the transaction, the insider directly owned 50,809 shares in the company, valued at $452,708.19. This trade represents a 6.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Jeremy Bender sold 15,894 shares of Day One Biopharmaceuticals 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 $141,615.54. Following the sale, the chief executive officer owned 177,165 shares of the company’s stock, valued at approximately $1,578,540.15. The trade was a 8.23% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 28,001 shares of company stock valued at $249,489 over the last quarter. Company insiders own 6.20% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Federated Hermes Inc. acquired a new position in Day One Biopharmaceuticals during the third quarter valued at approximately $39,000. Ameritas Investment Partners Inc. boosted its stake in Day One Biopharmaceuticals by 44.5% in the second quarter. Ameritas Investment Partners Inc. now owns 7,349 shares of the company’s stock valued at $48,000 after acquiring an additional 2,264 shares during the period. Quarry LP bought a new stake in shares of Day One Biopharmaceuticals in the 3rd quarter worth approximately $49,000. Entropy Technologies LP bought a new position in Day One Biopharmaceuticals during the 2nd quarter worth $67,000. Finally, Prudential Financial Inc. acquired a new stake in Day One Biopharmaceuticals in the second quarter worth $69,000. Hedge funds and other institutional investors own 87.95% of the company’s stock.

About Day One Biopharmaceuticals

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.