Day One Biopharmaceuticals price target raised to $45 from $40 at Piper Sandler

Piper Sandler analyst Joseph Catanzaro raised the firm’s price target on Day One Biopharmaceuticals to $45 from $40 and keeps an Overweight rating on the shares. The analyst notes that the company reported positive topline data from tovorafenib’s pivotal Phase II FIREFLY-1 study in recurrent/progressive pediatric low-grade glioma, with all data points clearly beating expectations. One more data cut is expected to provide additional follow-up and will be used to support an NDA submission and full presentation at a medical meeting, both in the first half of 2023, Catanzaro adds. He sees these data as a significant derisking event and supportive of what he believes is a sizable orphan oncology opportunity.