Dec. 5 at 9:38 PM
Congratulations to
$DAWN for being the worst performing commercial-stage oncology focused bio stock in the peer group since 11/12/25 (day before announcing the
$MRSN acquisition). DAWN is off 23% while the
$XBI is up 8%. Investors have spoken
Because 95-98% of new cancer drugs in Phase 1 trials are never approved (& why most oncology bios fail), valuations of clinical-stage oncology stocks have plummeted since the XBI peaked 2/21. DAWN was clever enough to IPO in 5/21 when the XBI was still trading in the 130s.
Investors were warned @ JP Morgan last January when DAWN CEO Mr. Bender said, instead of exiting via M&A, he promised to focus on building a business with a 95-98% failure rate. Mr. Bender went to Ivy League universities so he probably has a much higher IQ than most.
Of the 100s of new oncology focused bios since 1/1/13, only 2 have scored 2 drug approvals with large TAMs (
$SNDX & SWTX
$URGN has 2 drugs but the same API).
Perhaps DAWN wins w/DAY-301 & MRSN.
