UPDATE: Jefferies Initiates Coverage on Stemline Therapeutics with Buy Rating, $60 PT Ahead of SL-401 Trials

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In a report published Thursday, Jefferies analyst Thomas Wei initiated coverage on

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Stemline Therapeutics

(NASDAQ: STML) with a Buy rating and $60.00 price target.In the report, Jefferies noted, “STML's lead drug, SL-401, is entering pivotal trials in 2014 in BPDCN, a rare lymphoma, and third-line acute myeloid leukemia. We are impressed by the robust response rates in both settings, including durable complete responses, after a single cycle of treatment, and we believe that even better efficacy could be achieved with multiple SL-401 cycles. We estimate SL-401 peak sales of $500m+.”Stemline Therapeutics closed on Thursday at $33.88.