Day One price target lowered to $35 from $45 at JonesResearch

JonesResearch analyst Soumit Roy lowered the firm’s price target on Day One Biopharmaceuticals to $35 from $45 and keeps a Buy rating on the shares post the Q4 report. The analyst modestly pulled back the launch ramp based on the trial enrollment pace, and included only royalty revenue from excluding U.S. territories into the model. The firm says Day One may further expand tovorafenib’s potential target patient population or block resistance pathways by combining with other inhibitors such as ERK, SHP2 or KRAS G12C inhibitors.