Roth Capital Positive on Stemline Therapeutics (STML) Ahead of ASH Amid SL-701 'Surprise'
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Roth Capital affirms Stemline Therapeutics, Inc. (Nasdaq: STML) at Buy with a price target of $32 ahead of ASH and important SL-401 updates.
Analyst Joseph Pantginis commented today,
While all focus has been on SL-401 and the important upcoming at ASH in December, the Phase II SL-701 study has essentially been running under the radar. Data are now being released because of the level of responses seen, the benign safety profile and interest in potential next steps for SL-701. While Avastin is a marginal drug for recurrent GBM, we believe is an appropriate combination drug for a vaccine approach. To this end, other have shown that the target of Avastin, VEGF, negatively modulates the activity of dendritic cells. Therefore, Avastin could help to potentiate the activity of SL-701. As the data continue to mature, the company will meet with lead investigators to determine the next potential steps for the product and these could include, 1) a randomized registration study such as '701 +/- Avastin, in our belief, or 2) a study with a checkpoint inhibitor, where checkpoints alone have shown only modest activity in GBM. We await several important updates at ASH, highlighted by clinical updates from the SL-401 clinical programs in BPDCN, AML and other MPNs. With Breakthrough in hand, the major visibility we await is the outcome of the upcoming Type B meeting with the FDA.
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