Shares of Day One Biopharmaceuticals (NASDAQ:DAWN) are rising higher today after the company announced promising topline data from a Phase 2 study evaluating its product candidate torafenib in recurrent or progressive pediatric low-grade glioma (pLGG).
pLGG is the most prevalent brain tumor in children and there is no approved therapy or standard of care for the disease at present. The drug demonstrated a 91% clinical benefit rate and 64% overall response rate in subjects.
Furthermore, the once-weekly monotherapy was observed to be well tolerated in patients, and buoyed by these results DAWN now plans to file a new drug application for the candidate in H1 2023.
Additionally, DAWN is also expanding the therapy’s development for patients that are newly diagnosed with pLGG.
The Street too remains optimistic about the stock with a Strong Buy consensus rating and an average price target of $40.71. This indicates a substantial 90.77% further upside in the stock.
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