Day One Biopharmaceuticals price target lowered to $44 from $48 at Needham

Needham analyst Ami Fadia lowered the firm’s price target on Day One Biopharmaceuticals to $44 from $48 but keeps a Buy rating on the shares. The stock is down over 30% over the past three weeks, with the decline attributed to the FDA approval of dabrafenib + trametinib in 1L pLGG, which may present risk to tovo, the analyst tells investors in a research note. The firm adds however that while tovo’s differentiation vs alternatives may have narrowed somewhat with recent developments, it still believes that Day One Biopharmaceuticals’ peak potential is largely intact.