Day One language around NDA submission ‘sounded ominous,’ says Oppenheimer

Oppenheimer analyst Matthew Biegler notes that the firm had said in April it wouldn’t be buyers of Day One Biopharmaceuticals shares until firm guidance on tovorafenib’s NDA filing was in hand, adding that the company’s statement along with its Q1 report that Day One "remains in position to submit an NDA filing as early as 2Q" isn’t what Oppenheimer was looking for. The firm, which says this language was "a noticeable departure" from the company’s usual language that "the filing of an NDA is planned for the first half of 2023," questions if the filing actually is in jeopardy and adds that it thought "this language around the NDA submission sounded ominous," though it also says the firm doesn’t want to be "reading too much into the tea leaves." Oppenheimer keeps a Perform rating on Day One shares.