Day One Biopharmaceuticals initiated with a Buy at Needham

Needham analyst Ami Fadia initiated coverage of Day One Biopharmaceuticals with a Buy rating and $40 price target. The analyst, who added shares to the firm’s Conviction List, tells investors in a research note that Tovorafenib could become a best-in-class RAF inhibitor for pediatric low-grade glioma, and thinks it will be the only approved, targeted therapy for the 85% of the BRAF population with no options other than chemo.