Day One Biopharmaceuticals (NASDAQ:DAWN) Shares Down 4.9% - Here's Why

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN - Get Free Report) dropped 4.9% during trading on Friday . The company traded as low as $6.15 and last traded at $6.16. Approximately 283,499 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 1,112,262 shares. The stock had previously closed at $6.48.

Wall Street Analyst Weigh In

DAWN has been the subject of a number of recent analyst reports. Needham & Company LLC lowered their price target on Day One Biopharmaceuticals from $30.00 to $27.00 and set a "buy" rating for the company in a research note on Wednesday, May 7th. The Goldman Sachs Group lowered their price target on Day One Biopharmaceuticals from $39.00 to $27.00 and set a "buy" rating for the company in a research note on Tuesday, March 25th. JPMorgan Chase & Co. lowered their price target on Day One Biopharmaceuticals from $39.00 to $34.00 and set an "overweight" rating for the company in a research note on Wednesday, March 5th. HC Wainwright reaffirmed a "buy" rating and issued a $36.00 price target on shares of Day One Biopharmaceuticals in a research note on Thursday, April 3rd. Finally, Wedbush reaffirmed an "outperform" rating and issued a $25.00 price target on shares of Day One Biopharmaceuticals in a research note on Wednesday, May 7th. Seven equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, Day One Biopharmaceuticals has a consensus rating of "Buy" and a consensus price target of $30.57.

Day One Biopharmaceuticals Trading Down 1.4%

The business has a 50 day moving average of $7.04 and a 200-day moving average of $10.14. The firm has a market capitalization of $647.70 million, a P/E ratio of -6.20 and a beta of -1.24.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.11. The business had revenue of $30.76 million for the quarter, compared to the consensus estimate of $30.28 million. On average, analysts anticipate that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current fiscal year.

Insider Transactions at Day One Biopharmaceuticals

In other news, General Counsel Adam Dubow sold 4,552 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $6.26, for a total transaction of $28,495.52. Following the completion of the transaction, the general counsel now directly owns 47,136 shares of the company's stock, valued at $295,071.36. This trade represents a 8.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Charles N. York II sold 4,282 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $6.26, for a total transaction of $26,805.32. Following the transaction, the chief financial officer now directly owns 265,231 shares of the company's stock, valued at $1,660,346.06. This represents a 1.59% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 26,725 shares of company stock valued at $167,299 in the last ninety days. 6.20% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Day One Biopharmaceuticals

Several hedge funds have recently made changes to their positions in the business. Rhumbline Advisers boosted its holdings in shares of Day One Biopharmaceuticals by 8.3% in the 1st quarter. Rhumbline Advisers now owns 81,844 shares of the company's stock valued at $649,000 after buying an additional 6,291 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Day One Biopharmaceuticals in the 1st quarter valued at approximately $245,000. Optimize Financial Inc boosted its holdings in shares of Day One Biopharmaceuticals by 16.0% in the 1st quarter. Optimize Financial Inc now owns 17,960 shares of the company's stock valued at $142,000 after buying an additional 2,473 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Day One Biopharmaceuticals by 232.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,569,918 shares of the company's stock valued at $12,449,000 after buying an additional 1,097,679 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of Day One Biopharmaceuticals in the 1st quarter valued at approximately $384,000. 87.95% of the stock is owned by institutional investors.

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.