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

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totalling 15,100,000 shares, an increase of 7.2% from the August 31st total of 14,080,000 shares. Currently, 25.5% of the shares of the stock are sold short. Based on an average daily volume of 980,300 shares, the short-interest ratio is currently 15.4 days.

Day One Biopharmaceuticals Price Performance

Day One Biopharmaceuticals stock opened at $14.16 on Monday. Day One Biopharmaceuticals has a 1-year low of $9.67 and a 1-year high of $18.07. The stock’s 50 day moving average price is $14.14 and its 200 day moving average price is $14.48. The company has a market cap of $1.24 billion, a PE ratio of -5.64 and a beta of -1.51.

Day One Biopharmaceuticals (NASDAQ:DAWN) last announced its quarterly earnings results on Tuesday, July 30th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.75) by $0.70. The business had revenue of $8.19 million during the quarter, compared to analysts’ expectations of $0.90 million. On average, equities research analysts anticipate that Day One Biopharmaceuticals will post -1.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

DAWN has been the topic of several research reports. Piper Sandler reaffirmed an “overweight” rating and set a $40.00 price objective on shares of Day One Biopharmaceuticals in a report on Monday, July 8th. Needham & Company LLC reaffirmed a “buy” rating and set a $33.00 price target on shares of Day One Biopharmaceuticals in a research report on Tuesday, July 30th. Bank of America upgraded shares of Day One Biopharmaceuticals from an “underperform” rating to a “buy” rating and raised their target price for the stock from $11.00 to $24.00 in a research report on Thursday, August 1st. JPMorgan Chase & Co. reduced their price target on shares of Day One Biopharmaceuticals from $38.00 to $36.00 and set an “overweight” rating for the company in a research report on Tuesday, August 6th. Finally, Wedbush restated an “outperform” rating and issued a $33.00 price objective on shares of Day One Biopharmaceuticals in a research note on Thursday, July 25th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price 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 stock was sold at an average price of $14.22, for a total value of $426,600.00. Following the completion of the sale, the insider now owns 1,097,535 shares of the company’s stock, valued at $15,606,947.70. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Day One Biopharmaceuticals news, insider Samuel C. Blackman sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $14.22, for a total value of $426,600.00. Following the sale, the insider now owns 1,097,535 shares of the company’s stock, valued at $15,606,947.70. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Samuel C. Blackman sold 2,232 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $14.00, for a total value of $31,248.00. Following the completion of the sale, the insider now owns 1,127,535 shares in the company, valued at approximately $15,785,490. The disclosure for this sale can be found here. Insiders sold a total of 68,748 shares of company stock worth $1,009,272 in the last 90 days. Insiders own 8.40% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in DAWN. Quintet Private Bank Europe S.A. raised its holdings in shares of Day One Biopharmaceuticals by 43.2% in the 4th quarter. Quintet Private Bank Europe S.A. now owns 3,313 shares of the company’s stock worth $48,000 after purchasing an additional 1,000 shares during the period. SG Americas Securities LLC purchased a new position in shares of Day One Biopharmaceuticals in the 2nd quarter valued at $113,000. Point72 DIFC Ltd acquired a new position in shares of Day One Biopharmaceuticals during the 2nd quarter valued at $124,000. Hsbc Holdings PLC purchased a new stake in Day One Biopharmaceuticals during the 2nd quarter worth $163,000. Finally, Bayesian Capital Management LP acquired a new position in shares of Day One Biopharmaceuticals during the first quarter worth about $221,000. 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.