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UPDATE: Aegis Capital Raises PT on Stemline Therapeutics Following Recent Progress

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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, ā€œGiven 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.ā€

Stemline Therapeutics closed on Thursday at $25.43.

Posted-In: Aegis Capital Raghuram SelvarajuAnalyst Color Price Target Analyst Ratings

 

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