Day One Biopharmaceuticals (NASDAQ:DAWN) Shares Down 4.9% - Should You Sell?

Shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN - Get Free Report) fell 4.9% during trading on Friday . The company traded as low as $6.15 and last traded at $6.16. 283,499 shares traded hands during mid-day trading, a decline of 75% from the average session 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 several recent analyst reports. The Goldman Sachs Group lowered their target price 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. Needham & Company LLC reduced their price target on Day One Biopharmaceuticals from $30.00 to $27.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. HC Wainwright restated a "buy" rating and set a $36.00 price objective on shares of Day One Biopharmaceuticals in a report on Thursday, April 3rd. JPMorgan Chase & Co. cut their target price on Day One Biopharmaceuticals from $39.00 to $34.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 5th. Finally, Wedbush reissued an "outperform" rating and set a $25.00 price target on shares of Day One Biopharmaceuticals in a research report on Wednesday, May 7th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Day One Biopharmaceuticals has an average rating of "Buy" and a consensus target price of $30.57.

Day One Biopharmaceuticals Price Performance

The company has a fifty day moving average of $7.02 and a two-hundred day moving average of $10.10. The stock has a market capitalization of $707.51 million, a P/E ratio of -6.78 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, beating analysts' consensus estimates of ($0.46) by $0.11. The firm had revenue of $30.76 million during the quarter, compared to the consensus estimate of $30.28 million. As a group, equities research analysts predict that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Jeremy Bender sold 13,964 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $6.26, for a total transaction of $87,414.64. Following the sale, the chief executive officer now owns 145,737 shares in the company, valued at $912,313.62. This represents a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Adam Dubow sold 4,552 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was 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 in the company, valued at $295,071.36. This represents a 8.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 26,725 shares of company stock valued at $167,299 over the last 90 days. 6.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Day One Biopharmaceuticals

Institutional investors have recently made changes to their positions in the stock. GF Fund Management CO. LTD. bought a new position in shares of Day One Biopharmaceuticals during the fourth quarter worth about $27,000. R Squared Ltd acquired a new position in Day One Biopharmaceuticals during the 4th quarter valued at about $31,000. Quantbot Technologies LP acquired a new position in Day One Biopharmaceuticals during the 1st quarter valued at about $82,000. Pallas Capital Advisors LLC bought a new position in Day One Biopharmaceuticals in the 1st quarter worth about $87,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Day One Biopharmaceuticals in the first quarter valued at approximately $88,000. 87.95% of the stock is owned by institutional investors.

Day One Biopharmaceuticals Company Profile

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.