Short Interest in Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) Expands By 12.8%

Day One Biopharmaceuticals, Inc. (NASDAQ:DAWN) was the recipient of a significant increase in short interest in October. As of October 31st, there was short interest totalling 18,020,000 shares, an increase of 12.8% from the October 15th total of 15,980,000 shares. Based on an average daily volume of 1,020,000 shares, the short-interest ratio is currently 17.7 days. Approximately 26.4% of the company’s stock are short sold.

Day One Biopharmaceuticals Trading Down 1.7 %

Shares of NASDAQ:DAWN traded down $0.23 on Monday, hitting $13.08. 414,410 shares of the company were exchanged, compared to its average volume of 956,312. Day One Biopharmaceuticals has a 1-year low of $11.30 and a 1-year high of $18.07. The stock’s 50 day moving average price is $14.42 and its 200 day moving average price is $14.35. The firm has a market capitalization of $1.32 billion, a P/E ratio of -12.85 and a beta of -1.51.

Day One Biopharmaceuticals (NASDAQ:DAWN) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of ($0.20) by $0.58. The company had revenue of $93.76 million for the quarter, compared to analyst estimates of $15.05 million. During the same quarter in the previous year, the firm posted ($0.54) earnings per share. On average, equities analysts predict that Day One Biopharmaceuticals will post -0.88 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. Wedbush restated an “outperform” rating and issued a $33.00 target price on shares of Day One Biopharmaceuticals in a research note on Thursday, July 25th. Needham & Company LLC restated a “buy” rating and issued a $33.00 target price on shares of Day One Biopharmaceuticals in a research note on Thursday, October 31st. JPMorgan Chase & Co. lowered their target price on shares of Day One Biopharmaceuticals from $38.00 to $36.00 and set an “overweight” rating for the company in a research note on Tuesday, August 6th. HC Wainwright restated a “buy” rating and issued a $40.00 target price on shares of Day One Biopharmaceuticals in a research note on Thursday, October 31st. Finally, Bank of America upgraded shares of Day One Biopharmaceuticals from an “underperform” rating to a “buy” rating and raised their target price for the company from $11.00 to $24.00 in a research note on Thursday, August 1st. One investment analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Day One Biopharmaceuticals has a consensus rating of “Buy” and a consensus price target of $35.71.

Insider Activity

In other news, insider Samuel C. Blackman sold 11,245 shares of the stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $16.03, for a total transaction of $180,257.35. Following the transaction, the insider now directly owns 1,085,790 shares in the company, valued at approximately $17,405,213.70. This trade represents a 1.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Over the last ninety days, insiders have sold 51,745 shares of company stock worth $775,867. Corporate insiders own 8.40% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in DAWN. FMR LLC raised its holdings in shares of Day One Biopharmaceuticals by 178.5% during the third quarter. FMR LLC now owns 7,412,380 shares of the company’s stock worth $103,254,000 after purchasing an additional 4,750,936 shares during the last quarter. Braidwell LP raised its holdings in shares of Day One Biopharmaceuticals by 60.5% during the third quarter. Braidwell LP now owns 4,873,853 shares of the company’s stock worth $67,893,000 after purchasing an additional 1,837,949 shares during the last quarter. Vestal Point Capital LP raised its holdings in shares of Day One Biopharmaceuticals by 100.0% during the third quarter. Vestal Point Capital LP now owns 2,500,000 shares of the company’s stock worth $34,825,000 after purchasing an additional 1,250,000 shares during the last quarter. Deerfield Management Company L.P. Series C raised its holdings in shares of Day One Biopharmaceuticals by 65.6% during the second quarter. Deerfield Management Company L.P. Series C now owns 2,923,137 shares of the company’s stock worth $40,281,000 after purchasing an additional 1,157,825 shares during the last quarter. Finally, First Turn Management LLC purchased a new position in shares of Day One Biopharmaceuticals during the third quarter worth $13,204,000. 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.