Day One Biopharmaceuticals price target lowered to $17 from $20 at BofA

BofA lowered the firm’s price target on Day One Biopharmaceuticals (DAWN) to $17 from $20 and keeps a Buy rating on the shares. The firm estimates approximately 25-35 new patients added per month in Q1 and assuming a flat growth rate of patients over the quarter sees about 18 new patient starts per month in Q2, which it calls out as “significantly less than the lower end of our estimate in 1Q.” The new FY25 guidance of $140M-$150M net product revenue “seems to reflect a slowdown in growth,” which will be something to watch as Day One focuses on improving both breadth and depth of prescriber adoption, the analyst added.