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This Top Insider Just Increased Its Appetite for DAWN Stock
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This Top Insider Just Increased Its Appetite for DAWN Stock

Story Highlights

Investors can get vital information through a proper study of insider activities. Day One Biopharmaceuticals’ insider action on Tuesday might be of interest to them.

Day One Biopharmaceuticals, Inc. (NASDAQ: DAWN) came into the limelight after an insider trading activity worth $18 million was conducted two days ago. Since then, shares of this $1.2-billion biopharmaceutical company have grown 1.4%. DAWN stock closed at $16.01 on Wednesday.

A look at the TipRanks Insider Trading tool reveals more information on Tuesday’s corporate insider activity. According to TIpRanks, AI Day1 LLC, which owns a more than 10% stake in Day One Biopharmaceuticals, bought 1.2 million shares of Day One Biopharmaceuticals for $15 per share. The insider now holds DAWN stock worth $174.1 million.

In addition to this, one Uninformative Sell transaction was made six days ago. A pictorial representation of the recent insider activities of the company is provided below.

Stock Rating

The street is unanimously optimistic about the prospects of Day One Biopharmaceuticals and has a Strong Buy consensus rating based on three Buys. DAWN’s average price target is pegged at $37.50, suggesting 134.23% upside potential from current levels. The optimism is despite a 20.9% decline in the company’s share price last year.

Three days ago, Joseph Catanzaro of Piper Sandler reiterated a Buy rating on DAWN while increasing his price target to $40 (149.84% upside potential) from $35.

Apart from insiders purchasing DAWN shares, hedge funds increased their holdings in the company by 970.7 thousand shares in the last quarter. Also, the hedge fund confidence signal is Very Positive for DAWN.

Conclusion

Day One Biopharmaceuticals is a growing company with a number of clinical programs in its pool. Its technological and research capabilities are impressive. Also, it completed a public offering of its shares this month. The recent insider’s Buy transaction could hint at the optimism around these factors.

Disclosure

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