Analyst Andres Y. Maldonado of H.C. Wainwright reiterated a Buy rating on Day One Biopharmaceuticals (DAWN – Research Report), with a price target of $50.00.
Andres Y. Maldonado has given his Buy rating due to a combination of factors. He sees a high likelihood of approval for Day One Biopharmaceuticals’ drug, tovorafenib, which is under priority review by the FDA. The approval chances are further boosted by the absence of any planned FDA advisory committee meeting to discuss the application, suggesting no major controversial points. Tovorafenib’s impressive performance in trials, such as the positive 67% ORR based on RANO-HGG with a clinical benefit rate of 93%, reaffirms his positive sentiment.
Maldonado is also impressed by the positive safety profile of tovorafenib, which he thinks could become the standard of care for recurrent and progressive pediatric low-grade gliomas (r/pLGG). Key opinion leaders have expressed excitement about the perceived effectiveness of BRAF and MEK inhibitors, but they have also shown apprehension about their toxicity profiles. Tovorafenib presents a promising alternative with comparable or superior efficacy and a safer profile. The potential of tovorafenib in adult gliomas and other tissue types in 2024 is seen as a major driver for the stock, leading Maldonado to reiterate his Buy rating and $50 price target.
According to TipRanks, Y. Maldonado is a 3-star analyst with an average return of 1.8% and a 35.71% success rate. Y. Maldonado covers the Healthcare sector, focusing on stocks such as Werewolf Therapeutics, Day One Biopharmaceuticals, and Scholar Rock Holding.
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Day One Biopharmaceuticals (DAWN) Company Description:
Day One Biopharmaceuticals Inc is a clinical-stage biopharmaceutical company. It is dedicated towards developing and commercializing targeted therapies for patients of all ages with genetically defined cancers. Initially, it focuses on clinical development efforts on pediatric patients living with cancer, a vulnerable population that has been underserved in the recent revolution in targeted therapeutics and immuno-oncology. The lead product candidate, DAY101, is an oral, brain-penetrant, highly-selective type II pan-rapidly accelerated fibrosarcoma, or pan-RAF, kinase inhibitor.
Read More on DAWN:
- Day One Reports Third Quarter 2023 Financial Results and Corporate Progress
- DAWN Earnings Report this Week: Is It a Buy, Ahead of Earnings?
- Xoma earns $5M milestone upon FDA acceptance of Day One’s tovorafenib NDA
- Acceptance of NDA filing a ‘big win’ for Day One, says Oppenheimer
- Day One announces FDA acceptance of NDA, priority review for tovorafenib
