Wells Fargo Sees YM (YMI) as 'More Than Just an MF Story'

Shares of YM BioSciences (AMEX: YMI) are outperforming the broader stock market rather sharply Wednesday afternoon on the heels of an earlier bullish research note from Wells Fargo's Brian Abrahams. With about an hour left in the trading session, the stock is up more than 4 percent.

Abrahams believes investors may be overlooking the potential CYT387 "may have in other hematologic malignancies beyond myelofibrosis where strong scientific rationale exists, in particular MDS and multiple myeloma." The analyst suggests word on further indications for CYT387 could pop up as "the strategic plan for MF solidifies..."

Abrahams said "we continue to expect clarity on the pivotal trial and partnership plans in the coming quarters to remove an overhang on shares and caalyze appreciation." The analyst called YM one of his favorite small-cap stock ideas, and said the recent pullback in shares provides traders with an "attractive buying opportunity."

Wells Fargo maintains an Outperform rating and $4-$5 valuation range on shares of YM BioSciences.

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