Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) Sees Large Increase in Short Interest

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN - Get Free Report) was the recipient of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 18,020,000 shares, an increase of 12.8% from the October 15th total of 15,980,000 shares. Based on an average daily volume of 1,020,000 shares, the short-interest ratio is presently 17.7 days. Currently, 26.4% of the company's shares are short sold.

Analyst Upgrades and Downgrades

DAWN has been the subject of several recent analyst reports. Wedbush restated an "outperform" rating and set a $33.00 target price on shares of Day One Biopharmaceuticals in a research note on Thursday, July 25th. Bank of America upgraded shares of Day One Biopharmaceuticals from an "underperform" rating to a "buy" rating and boosted their price objective for the stock from $11.00 to $24.00 in a research report on Thursday, August 1st. HC Wainwright reaffirmed a "buy" rating and issued a $40.00 target price on shares of Day One Biopharmaceuticals in a research report on Thursday, October 31st. Needham & Company LLC reissued a "buy" rating and issued a $33.00 price target on shares of Day One Biopharmaceuticals in a research report on Thursday, October 31st. Finally, TD Cowen raised Day One Biopharmaceuticals to a "strong-buy" rating in a report on Monday, November 4th. One equities research analyst has rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $35.71.

Insider Buying and Selling

In related news, insider Samuel C. Blackman sold 30,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The shares were sold at an average price of $14.22, for a total transaction of $426,600.00. Following the completion of the transaction, the insider now owns 1,097,535 shares of the company's stock, valued at approximately $15,606,947.70. This trade represents a 2.66 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last ninety days, insiders sold 51,745 shares of company stock worth $775,867. Insiders own 8.40% of the company's stock.

Institutional Trading of Day One Biopharmaceuticals

A number of large investors have recently made changes to their positions in DAWN. FMR LLC lifted its holdings in Day One Biopharmaceuticals by 178.5% in the 3rd quarter. FMR LLC now owns 7,412,380 shares of the company's stock valued at $103,254,000 after purchasing an additional 4,750,936 shares in the last quarter. Braidwell LP lifted its stake in shares of 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 buying an additional 1,837,949 shares during the period. Deerfield Management Company L.P. Series C boosted its position in Day One Biopharmaceuticals by 65.6% during the second quarter. Deerfield Management Company L.P. Series C now owns 2,923,137 shares of the company's stock worth $40,281,000 after acquiring an additional 1,157,825 shares during the last quarter. Vestal Point Capital LP grew its stake in Day One Biopharmaceuticals by 100.0% in the 3rd quarter. Vestal Point Capital LP now owns 2,500,000 shares of the company's stock worth $34,825,000 after acquiring an additional 1,250,000 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in Day One Biopharmaceuticals by 18.4% in the 3rd quarter. Janus Henderson Group PLC now owns 2,177,197 shares of the company's stock valued at $30,307,000 after acquiring an additional 337,928 shares during the last quarter. Institutional investors and hedge funds own 87.95% of the company's stock.

Day One Biopharmaceuticals Price Performance

Shares of NASDAQ DAWN traded down $0.30 on Monday, hitting $13.01. The company's stock had a trading volume of 1,533,675 shares, compared to its average volume of 961,332. The stock has a 50 day moving average of $14.42 and a 200-day moving average of $14.35. The company has a market capitalization of $1.31 billion, a price-to-earnings ratio of -12.85 and a beta of -1.51. Day One Biopharmaceuticals has a 12-month low of $11.30 and a 12-month high of $18.07.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) last posted its earnings results on Wednesday, October 30th. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.20) by $0.58. The company had revenue of $93.76 million during the quarter, compared to analysts' expectations of $15.05 million. During the same period in the previous year, the company posted ($0.54) EPS. Sell-side analysts expect that Day One Biopharmaceuticals will post -0.88 EPS for the current fiscal 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.