Day One Biopharmaceuticals (DAWN) PT Raised to $33 at Needham

Needham analyst Ami Fadia raised the price target on Day One Biopharmaceuticals (NASDAQ: DAWN) to $33.00 (from $30.00) while maintaining a Buy rating.

The analyst commented: "Ojemda was approved under the accelerated approval pathway, is the first drug to be approved for pLGG patients with both BRAF fusion or rearrangement, and BRAF V600 mutations. There were no major surprises in the label, with FDA citing the ORR of 51% per RAPNO LGG (incl 28% PRs and 11% MRs.) and an overall acceptable and competitive safety profile although we note that the label includes warnings and precautions around skin reactions, and hepatotoxicity (details below). We had previously estimated a 90% POS of approval in our model which we are now raising to 100%; this raises our PT from $30 to $33."

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