Coach Pat Skerry told ESPN that Davis was allowed to remain in Philadelphia following the team's win at Drexel on Saturday night.
"We were off today and he wanted to go to his son's dedication ceremony," Skerry told ESPN. "His mother called me sometime around midnight, but I was asleep. I called her back in the morning and she told me what had happened."
Skerry said that Davis was released from the hospital on Sunday morning, attended the ceremony for his infant son, Bryson Hunter Davis, and then returned for more medical care. As of Sunday afternoon, the bullet had yet to be removed from his leg.
"His long-term health is fine," Skerry said. "We don't know when he'll be back, but our biggest concern right now is with his well-being and the fact that he's safe and he's OK."
Skerry added: "He's as tough as any player I've ever been around."
Davis is a 6-foot-5 senior who is averaging 11.8 points and 7.6 rebounds. Towson is 17-10, has won nine of its past 10 games and faces Elon on Thursday at home.