Roth Capital Affirms Stemline Therapeutics (STML) at 'Buy'; Strong Cash Position Noted Ahead of ASH
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Roth Capital affirms Stemline Therapeutics (Nasdaq: STML) at Buy with a price target of $32 following Q3 results.
Analyst Joseph Pantginis commented today,
We believe an important event that occurred during 3Q16 is the granting of Breakthrough Therapy Designation to SL-401 for treatment of blastic plasmacytoid dendritic cell neoplasm (BPDCN). Although there were no clinical updates during the third quarter, we await updates on a number of programs at ASH in December including: 1) updated results from ongoing Phase II Trial of SL-401 in advanced MPN, 2) updated results from ongoing Phase II trial of SL-401 as consolidation therapy for AML patients in remission with high relapse risk including minimal residual disease (MRD), 3) updated results from ongoing Phase II trial expansion stage of SL-401 in Patients with BPDCN, and 4) updates to several preclinical studies of SL-401 and SL-801. With Breakthrough in hand, the major visibility we await is the outcome of the upcoming Type B meeting with the FDA by year end, in order to help finalize the registration path in BPDCN patients. Going into the Type B meeting, the company believes it has a critical mass of patient numbers to discuss filing, but is fully prepared for multiple permutations in defining the path forward, including post-approval requirements.
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