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

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) was the recipient of a large increase in short interest in 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. Approximately 26.4% of the company’s shares are sold short. Based on an average trading volume of 1,020,000 shares, the days-to-cover ratio is currently 17.7 days.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on DAWN shares. Needham & Company LLC reiterated a “buy” rating and set a $33.00 price objective on shares of Day One Biopharmaceuticals in a research report on Thursday, October 31st. HC Wainwright reiterated a “buy” rating and set a $40.00 price target on shares of Day One Biopharmaceuticals in a report on Thursday, October 31st. Wedbush reissued an “outperform” rating and issued a $33.00 price objective on shares of Day One Biopharmaceuticals in a research note on Thursday, July 25th. JPMorgan Chase & Co. decreased their target price on Day One Biopharmaceuticals from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. Finally, Bank of America raised Day One Biopharmaceuticals from an “underperform” rating to a “buy” rating and boosted their price target for the company from $11.00 to $24.00 in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $35.71.

Insider Buying and Selling at Day One Biopharmaceuticals

In related news, insider Samuel C. Blackman sold 30,000 shares of the company’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 directly owns 1,097,535 shares in the company, valued at $15,606,947.70. This represents a 2.66 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In the last ninety days, insiders sold 51,745 shares of company stock worth $775,867. 8.40% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Day One Biopharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the company. FMR LLC grew its position in shares of Day One Biopharmaceuticals by 178.5% during the 3rd quarter. FMR LLC now owns 7,412,380 shares of the company’s stock valued at $103,254,000 after acquiring an additional 4,750,936 shares during the period. Braidwell LP grew its holdings in 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 purchasing an additional 1,837,949 shares during the period. Deerfield Management Company L.P. Series C increased its position in Day One Biopharmaceuticals by 65.6% in 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 buying an additional 1,157,825 shares during the last quarter. Vestal Point Capital LP raised its stake in shares of Day One Biopharmaceuticals by 100.0% in the third quarter. Vestal Point Capital LP now owns 2,500,000 shares of the company’s stock valued at $34,825,000 after buying an additional 1,250,000 shares during the period. Finally, Janus Henderson Group PLC increased 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 worth $30,307,000 after acquiring an additional 337,928 shares during the last quarter. 87.95% of the stock is owned by institutional investors.

Day One Biopharmaceuticals Stock Performance

Shares of Day One Biopharmaceuticals stock traded down $0.30 during trading hours on Monday, reaching $13.01. The company’s stock had a trading volume of 1,533,675 shares, compared to its average volume of 961,332. Day One Biopharmaceuticals has a one year low of $11.30 and a one year high of $18.07. The company has a market capitalization of $1.31 billion, a P/E ratio of -12.85 and a beta of -1.51. The stock’s fifty day simple moving average is $14.42 and its two-hundred day simple moving average is $14.35.

Day One Biopharmaceuticals (NASDAQ:DAWN) last issued its quarterly earnings data on Wednesday, October 30th. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.58. The company had revenue of $93.76 million for the quarter, compared to the consensus estimate of $15.05 million. During the same period in the prior year, the firm posted ($0.54) earnings per share. As a group, research analysts forecast that Day One Biopharmaceuticals will post -0.88 earnings per share 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.