Day One Biopharmaceuticals, Inc. $DAWN Shares Acquired by Stonepine Capital Management LLC

Key Points

• Stonepine Capital Management LLC increased its stake in Day One Biopharmaceuticals by 48.4%, now holding 348,820 shares valued at approximately $2.77 million.
• Day One Biopharmaceuticals' stock has been assigned an average rating of "Buy" with a target price of around $25.29 by analysts despite recent price target reductions from some firms.
• Insider transactions included a sale of 4,365 shares by Adam Dubow and 16,058 shares by CEO Jeremy Bender, both occurring at an average price of $6.77.

Stonepine Capital Management LLC raised its position in shares of Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN - Free Report) by 48.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 348,820 shares of the company's stock after acquiring an additional 113,820 shares during the quarter. Day One Biopharmaceuticals makes up about 2.7% of Stonepine Capital Management LLC's holdings, making the stock its 13th largest holding. Stonepine Capital Management LLC owned 0.34% of Day One Biopharmaceuticals worth $2,766,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Day One Biopharmaceuticals during the first quarter valued at approximately $88,000. Rhumbline Advisers raised its holdings in shares of Day One Biopharmaceuticals by 8.3% during the first quarter. Rhumbline Advisers now owns 81,844 shares of the company's stock valued at $649,000 after acquiring an additional 6,291 shares during the last quarter. MetLife Investment Management LLC raised its holdings in shares of Day One Biopharmaceuticals by 12.4% during the fourth quarter. MetLife Investment Management LLC now owns 34,248 shares of the company's stock valued at $434,000 after acquiring an additional 3,781 shares during the last quarter. Millennium Management LLC raised its holdings in shares of Day One Biopharmaceuticals by 80.4% during the fourth quarter. Millennium Management LLC now owns 192,100 shares of the company's stock valued at $2,434,000 after acquiring an additional 85,606 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of Day One Biopharmaceuticals by 23.5% during the fourth quarter. ProShare Advisors LLC now owns 19,394 shares of the company's stock valued at $246,000 after acquiring an additional 3,687 shares during the last quarter. Institutional investors and hedge funds own 87.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on DAWN. Needham & Company LLC dropped their price target on Day One Biopharmaceuticals from $18.00 to $16.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. HC Wainwright dropped their price target on Day One Biopharmaceuticals from $36.00 to $25.00 and set a "buy" rating for the company in a research report on Wednesday, August 6th. Wedbush restated an "outperform" rating and issued a $25.00 price target on shares of Day One Biopharmaceuticals in a research report on Wednesday, May 7th. Finally, Piper Sandler began coverage on Day One Biopharmaceuticals in a research report on Monday, August 18th. They issued an "overweight" rating and a $25.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating and seven have issued a Buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $25.29.

Insiders Place Their Bets

In related news, insider Adam Dubow sold 4,365 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $6.77, for a total value of $29,551.05. Following the completion of the transaction, the insider directly owned 54,858 shares in the company, valued at approximately $371,388.66. This represents a 7.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Jeremy Bender sold 16,058 shares of the stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $6.77, for a total value of $108,712.66. Following the completion of the transaction, the chief executive officer owned 161,365 shares of the company's stock, valued at $1,092,441.05. The trade was a 9.05% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,295 shares of company stock valued at $191,557. 6.20% of the stock is currently owned by insiders.

Day One Biopharmaceuticals Stock Performance

Shares of Day One Biopharmaceuticals stock opened at $7.20 on Friday. The firm has a market capitalization of $737.50 million, a price-to-earnings ratio of -7.58 and a beta of -1.26. Day One Biopharmaceuticals, Inc. has a fifty-two week low of $5.64 and a fifty-two week high of $16.76. The stock has a 50 day moving average of $6.63 and a 200 day moving average of $7.61.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.35) by $0.06. The company had revenue of $33.91 million during the quarter, compared to analyst estimates of $35.55 million. Day One Biopharmaceuticals had a negative return on equity of 19.01% and a negative net margin of 50.63%. Analysts forecast that Day One Biopharmaceuticals, Inc. will post -0.72 EPS for the current year.

Day One Biopharmaceuticals 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.

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