This Pediatric Cancer Company Makes It To Analyst's Conviction List

  • Needham has initiated coverage on Day One Biopharmaceuticals Inc DAWN with a Buy rating and a price target of $40.
  • Day One's lead product candidate, tovorafenib, is under development for relapsed or progressive pediatric low-grade glioma (pLGG), the most common brain tumor diagnosed in children.
  • Initial data demonstrated an overall response rate (ORR) of 64% and a clinical benefit rate (CBR) of 91%.
  • The analyst writes that Tovorafenib could become a best-in-class RAF inhibitor for pLGG and will be the only approved, targeted therapy for 85% of the BRAF population with no options other than chemo. 
  • Needham estimates over $2 billion in global sales in 2035, driven by approval in 1L and 2L pLGG, and assigns a probability of success of 50% and 65%, respectively. 
  • The analyst also says that Tovo's dosing frequency of once weekly compares favorably to the competitors' QD (once daily) or BID (twice daily) dosing.
  • Price Action: DAWN shares are up 3.88% at $20.88 on the last check Wednesday.
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