Needham & Company LLC Cuts Day One Biopharmaceuticals (NASDAQ:DAWN) Price Target to $16.00

Key Points

• Needham & Company LLC has lowered its price target for Day One Biopharmaceuticals from $18.00 to $16.00, while maintaining a "buy" rating, indicating a potential upside of 132.56% from the current stock price.
• In related analyst reports, HC Wainwright also reduced its price target to $25.00, and Wedbush maintained an "outperform" rating with a similar target of $25.00, reflecting varying but generally positive outlooks among analysts.
• Insider trading revealed that both the CFO and CEO of Day One Biopharmaceuticals sold shares at approximately $6.26, leading to a decline in their ownership stakes, which may raise concerns among investors about confidence in the company's future performance.

Day One Biopharmaceuticals (NASDAQ:DAWN - Free Report) had its target price trimmed by Needham & Company LLC from $18.00 to $16.00 in a research report report published on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other brokerages also recently commented on DAWN. Wedbush reissued an "outperform" rating and issued a $25.00 price objective on shares of Day One Biopharmaceuticals in a research report on Wednesday, May 7th. HC Wainwright cut their price target on Day One Biopharmaceuticals from $36.00 to $25.00 and set a "buy" rating on the stock in a research note on Wednesday. Six equities research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Day One Biopharmaceuticals presently has an average rating of "Buy" and a consensus target price of $25.33.

Day One Biopharmaceuticals Stock Performance

Shares of NASDAQ:DAWN traded down $0.01 during trading on Wednesday, hitting $6.02. The company's stock had a trading volume of 306,474 shares, compared to its average volume of 1,354,083. Day One Biopharmaceuticals has a fifty-two week low of $5.64 and a fifty-two week high of $16.76. The business has a 50 day moving average price of $6.70 and a two-hundred day moving average price of $8.09. The company has a market capitalization of $609.79 million, a PE ratio of -6.34 and a beta of -1.26.

Day One Biopharmaceuticals (NASDAQ:DAWN - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported ($0.29) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.35) by $0.06. Day One Biopharmaceuticals had a negative return on equity of 19.01% and a negative net margin of 50.63%. The firm had revenue of $33.91 million during the quarter, compared to analyst estimates of $35.55 million. As a group, equities analysts expect that Day One Biopharmaceuticals will post -0.72 earnings per share for the current fiscal year.

Insider Transactions at Day One Biopharmaceuticals

In other Day One Biopharmaceuticals news, CEO Jeremy Bender sold 13,964 shares of the firm's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $6.26, for a total transaction of $87,414.64. Following the completion of the transaction, the chief executive officer owned 145,737 shares of the company's stock, valued at approximately $912,313.62. This trade represents a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, General Counsel Adam Dubow sold 4,552 shares of Day One Biopharmaceuticals stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.26, for a total value of $28,495.52. Following the sale, the general counsel owned 47,136 shares of the company's stock, valued at approximately $295,071.36. This represents a 8.81% decrease in their position. The disclosure for this sale can be found here. Insiders sold 26,725 shares of company stock valued at $167,299 in the last 90 days. 6.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Day One Biopharmaceuticals

Several large investors have recently added to or reduced their stakes in the business. GF Fund Management CO. LTD. purchased a new position in Day One Biopharmaceuticals in the fourth quarter valued at about $27,000. Quantbot Technologies LP purchased a new position in Day One Biopharmaceuticals in the 1st quarter worth approximately $82,000. Tower Research Capital LLC TRC grew its position in Day One Biopharmaceuticals by 911.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,657 shares of the company's stock valued at $135,000 after acquiring an additional 9,603 shares in the last quarter. Pallas Capital Advisors LLC acquired a new stake in Day One Biopharmaceuticals in the first quarter valued at approximately $87,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Day One Biopharmaceuticals during the first quarter valued at approximately $88,000. 87.95% of the stock is currently owned by hedge funds and other 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.