The firm said positive clinical data in the first quarter could serve as a catalyst for the stock.
Investors looking for exposure into the biotechnology sector should consider buying Day One Pharmaceuticals , a stock that can more than double from current levels, according to Goldman Sachs. Analyst Andrea Tan initiated coverage on the biotechnology stock with a buy rating, saying positive data in the first quarter on a possible treatment for childhood brain tumors could unlock a multibillion-dollar sales opportunity.
Tovorafenib is under evaluation in a clinical trial called FIREFLY-1 for relapsed pLGG, with data expected in the first quarter of 2023. Investors parsing the results will be focusing on the duration of response to the treatment, as well as the safety and tolerability of the therapy. The analyst expects positive topline data from the trial could serve as a catalyst for the stock, and "support a path to approval" for the therapy.
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