DAWN - Day One Biopharma takes a breather after sharp rally

After more than doubling in value on Monday in reaction to encouraging early data for a brain tumor candidate in children, clinical-stage biotech Day One Biopharmaceuticals (DAWN) is trading lower in the pre-market currently on below-average volume. Initial results from a pivotal Phase 2 trial indicated that the company’s experimental therapy tovorafenib led to a 64% overall response rate and 91% clinical benefit rate in pediatric low-grade glioma for the first 22 evaluable patients. In addition, there were no discontinuations due to treatment-related adverse events. The news sent Day One (DAWN) to the highest close since February as more than 49.9M company shares changed hands compared to the 65-day average of ~1.1M. Despite yesterday’s gain and a highly successful trading debut in May last year, South San Francisco, California-based biotech remains 27% lower than its value a year ago, as shown in this graph.

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Day One Biopharma takes a breather after sharp rally