JPMorgan sees Day One moving to ‘high-teens to low-$20s’ after approval

After the Food and Drug Administration said it granted accelerated approval to Day One Biopharmaceuticals’ tovorafenib, now to be called Ojemda, for treatment of relapsed or refractory pediatric low-grade glioma harboring a BRAF fusion or rearrangement, or BRAF V600 mutation, JPMorgan analyst Anupam Rama said the firm sees Day One shares moving to the “high-teens to low-$20s” level given the clean label and early approval. With a strong launch, which the firm also expects given the unmet need, the firm sees shares going to the mid-$20s over time, says the analyst, who has an Overweight rating and $36 price target on Day One shares.