Baird analyst Michael Ulz reiterated an Outperform rating and $16 price target on Karyopharm Therapeutics (NASDAQ: KPTI) following Phase 2b STORM data, which was positive as expected.

Ulz commented, "Selinexor achieved an overall response rate (ORR) of 20% in penta-refractory multiple myeloma (MM), meeting the bar to expand the study, which had been announced last week. Importantly, the expanded STORM study will support accelerated approval, while the Phase 3 BOSTON study, announced today, will support full approval and enable selinexor to move upstream in the treatment paradigm. Overall, with encouraging STORM data, continued advancement in MM and multiple catalysts ahead, we reiterate our Outperform rating."

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Shares of Karyopharm Therapeutics closed at $10.62 yesterday.