By Chris Wack
Day One Biopharmaceuticals Inc. shares were up 13% to $24.11 after the company said it saw positive topline results from an ongoing Phase 2 trial evaluating the investigational agent tovorafenib.
The stock is up 24% in the past three months.
Tovorafenib would be used as a monotherapy in recurrent or progressive pediatric low-grade glioma, the most common brain tumor diagnosed in children and for which there is no standard of care.
The biopharmaceutical company said additional data will be submitted for presentation in the second quarter of 2023.
The trial included 69 patients, with a 64% overall response rate, and 91% clinical benefit rate. About 4% confirmed complete responses, and 59% had partial responses.
Safety data indicated monotherapy tovorafenib to be generally well-tolerated. The most common side effects reported related to tovorafenib were change in hair color, increased creatine phosphokinase, anemia, fatigue and maculopapular rash.
Goldman Sachs raised its price target for Day One stock to $62 from $45 a share, while maintaining its Buy rating.
Write to Chris Wack at [email protected]