Day One takes ‘another step toward defeating bear thesis,’ says H.C. Wainwright

After Day One Biopharmaceuticals reported new data from the FIREFLY-1 trial and also announced the completion of the rolling submission of the NDA for tovorafenib as a monotherapy in relapsed or progressive pediatric low-grade glioma, or pLGG, H.C. Wainwright analyst Andres Maldonado contends that tovorafenib has taken “another step forward toward defeating the Bear thesis.” Though the firm believes the stock will remain range-bound until approval, it also believes the updated 67% ORR based on RANO-HGG, coupled with the continued positive safety profile, “can get the program over the finish line and secure a place as the SOC for r/pLGG.” The firm keeps a Buy rating and $50 price target on Day One shares.