J.P. Morgan analyst Anupam Rama has maintained their bullish stance on DAWN stock, giving a Buy rating yesterday.
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Anupam Rama has given his Buy rating due to a combination of factors tied to Day One Biopharmaceuticals’ core asset and pipeline outlook. He highlights that Ojemda’s commercial performance is already exceeding expectations, as evidenced by a strong fourth quarter revenue beat and robust prescription volumes in 2025. In addition, the company’s 2026 revenue guidance for Ojemda is set above market consensus, reinforcing confidence in sustained growth in the relapsed/refractory pediatric low-grade glioma (pLGG) setting, which he believes alone supports significant valuation upside.
Rama also notes that the upcoming clinical milestones could further enhance the company’s value proposition. The pivotal FIREFLY-2 phase 3 trial of tovorafenib in first-line pLGG is progressing on schedule, with enrollment anticipated to complete in the first half of 2026 and data expected mid-year, representing a key potential inflection point. Beyond Ojemda, early-stage assets such as the B7-H4–targeted ADC Emi-Le in adenoid cystic carcinoma and the PTK7-targeted ADC DAY301 in solid tumors provide additional upside through pipeline diversification. Taken together, the strong current execution with Ojemda and meaningful optionality from the broader pipeline underpin his Overweight (Buy) stance on DAWN shares.
In another report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $25.00 price target.