Needham & Company LLC Lowers 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 cut by Needham & Company LLC from $18.00 to $16.00 in a research note issued to investors on Wednesday,Benzinga reports. They currently have a buy rating on the stock.

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

Day One Biopharmaceuticals Stock Up 1.2%

Shares of Day One Biopharmaceuticals stock traded up $0.07 on Wednesday, hitting $6.10. 2,121,852 shares of the company traded hands, compared to its average volume of 2,009,409. The company has a market cap of $624.82 million, a PE ratio of -6.42 and a beta of -1.26. Day One Biopharmaceuticals has a 12-month low of $5.64 and a 12-month high of $16.76. The company has a 50-day moving average price of $6.70 and a 200 day moving average price of $8.02.

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 firm had revenue of $33.91 million for the quarter, compared to analysts' expectations of $35.55 million. Day One Biopharmaceuticals had a negative net margin of 50.63% and a negative return on equity of 19.01%. Equities research analysts anticipate that Day One Biopharmaceuticals will post -0.72 EPS for the current year.

Insider Buying and Selling at Day One Biopharmaceuticals

In other Day One Biopharmaceuticals news, CEO Jeremy Bender sold 13,964 shares of the stock in a transaction on Friday, May 16th. The shares were 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 in the company, valued at $912,313.62. This trade represents a 8.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Adam Dubow sold 4,552 shares of Day One Biopharmaceuticals stock in a transaction on Friday, May 16th. The stock was sold at an average price of $6.26, for a total transaction of $28,495.52. Following the transaction, the general counsel directly owned 47,136 shares of the company's stock, valued at $295,071.36. The trade was a 8.81% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 26,725 shares of company stock valued at $167,299 over the last 90 days. 6.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Day One Biopharmaceuticals

Large investors have recently modified their holdings of the company. Virtus ETF Advisers LLC grew its stake in Day One Biopharmaceuticals by 7.1% in the fourth quarter. Virtus ETF Advisers LLC now owns 27,296 shares of the company's stock valued at $346,000 after purchasing an additional 1,805 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in shares of Day One Biopharmaceuticals by 5.6% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 35,843 shares of the company's stock valued at $454,000 after buying an additional 1,894 shares during the period. GF Fund Management CO. LTD. acquired a new stake in Day One Biopharmaceuticals during the fourth quarter valued at $27,000. ProShare Advisors LLC raised its holdings in Day One Biopharmaceuticals by 12.9% in the 2nd quarter. ProShare Advisors LLC now owns 18,545 shares of the company's stock worth $121,000 after purchasing an additional 2,121 shares during the period. Finally, Exchange Traded Concepts LLC grew its stake in Day One Biopharmaceuticals by 19.6% in the 1st quarter. Exchange Traded Concepts LLC now owns 14,693 shares of the company's stock valued at $117,000 after acquiring an additional 2,407 shares during the period. Hedge funds and other institutional investors own 87.95% of the company's stock.

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.