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

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN - Get Free Report)'s share price dropped 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 were traded during trading, a decline of 91% from the average daily volume of 1,181,862 shares. The stock had previously closed at $9.70.

DAWN has been the topic of several other reports. Needham & Company LLC reiterated a "buy" rating and set a $32.00 target price on shares of Day One Biopharmaceuticals in a research report on Wednesday, February 26th. Bank of America decreased 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 cut their target price on Day One Biopharmaceuticals from $40.00 to $36.00 and set a "buy" rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group reduced their price target on Day One Biopharmaceuticals from $48.00 to $43.00 and set a "buy" rating on the stock in a research report on Monday, February 10th. Finally, Wedbush restated an "outperform" rating and set a $32.00 price objective on shares of Day One Biopharmaceuticals in a research report on Wednesday, February 26th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average price target of $34.57.

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Insider Buying and Selling

In other news, CEO Jeremy Bender sold 12,048 shares of the firm's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $11.96, for a total transaction of $144,094.08. Following the completion of the sale, the chief executive officer now owns 128,015 shares of the company's stock, valued at $1,531,059.40. This trade represents a 8.60 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Charles N. York II sold 4,370 shares of the business's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $11.96, for a total transaction of $52,265.20. Following the transaction, the chief financial officer now owns 252,638 shares in the company, valued at $3,021,550.48. The trade was a 1.70 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 51,064 shares of company stock valued at $651,225 over the last 90 days. Company insiders own 8.40% of the company's stock.

Institutional Trading of Day One Biopharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in DAWN. First Turn Management LLC bought a new stake in shares of Day One Biopharmaceuticals during the third quarter valued at approximately $13,204,000. GSA Capital Partners LLP bought a new stake in Day One Biopharmaceuticals during the 3rd quarter valued at $825,000. Algert Global LLC raised its holdings in Day One Biopharmaceuticals by 248.8% during the third quarter. Algert Global LLC now owns 71,487 shares of the company's stock worth $996,000 after buying an additional 50,990 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Day One Biopharmaceuticals in the fourth quarter valued at $866,000. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Day One Biopharmaceuticals by 14.6% during the third quarter. Charles Schwab Investment Management Inc. now owns 507,448 shares of the company's stock valued at $7,069,000 after buying an additional 64,700 shares during the last quarter. 87.95% of the stock is owned by institutional investors.

Day One Biopharmaceuticals Stock Down 6.9 %

The company has a market capitalization of $817.93 million, a P/E ratio of -7.83 and a beta of -1.38. The firm's 50-day moving average price is $11.68 and its 200 day moving average price is $13.15.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) last issued its quarterly earnings data on Tuesday, February 25th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.34). The firm had revenue of $29.21 million during the quarter, compared to analysts' expectations of $27.11 million. As a group, equities research analysts expect that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current year.

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.