UPDATE: Aegis Capital Raises PT on Stemline Therapeutics Following Recent Progress
In a report published Friday, Aegis Capital analyst Raghuram Selvaraju reiterated a Buy rating on Stemline Therapeutics (NASDAQ: STML), and raised the price target from $35.00 to $40.00.
In the report, Aegis Capital noted, “Given the recent progress at Stemline Therapeutics and the fact that the company - following its most recent equity financing - now appears to be exceptionally well-funded, we are maintaining our Buy rating and instituting a 12-month price target of $40.00 per share vs. our original 18-month price target of $35.00 per share. The smallcap oncology sector continues to find favor among biotechnology-focused investors, and we anticipate that Stemline should continue to attract interest based on the accelerated development pathway for its lead drug candidate, SL-401, in blastic plasmacytoid dendritic cell neoplasm (BPDCN) and other hematological malignancies. We note that Stemline has thus far been the best-performing biotech IPO of 2013, and anticipate further outperformance going forward as the firm advances the development of multiple drug candidates simultaneously through the deployment of its strengthened cash resources.”
Stemline Therapeutics closed on Thursday at $25.43.
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