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Maxim Still Calling For 900% Upside At StemCells After Latest Phase II Data

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Dr. Stephen Huhn, CMO of StemCells Inc (NASDAQ: STEM) provided additional details regarding the ongoing Phase II Pathway Study in chronic cervical spinal cord injuries at the annual meeting of the American Spinal Injury Association on April 15.

Maxim’s Jason Kolbert maintained a Buy rating on the company, with a price target of $3.

Cohort I Results

Kolbert mentioned that the presentation by Dr. Huhn “included a top line update for the six patients enrolled in open label Cohort I from the Pathway Study.”

The analyst went on to say that the six-month results from the Cohort I trial revealed improvement in muscle strength in five of the six patients, with improved performance on functional tasks being demonstrated by four of these five patients.

“In addition, four of the six patients had improvement in the level of cord injury,” Kolbert stated.

StemCells expects to announced details of the final 12 month results for Cohort I later during the quarter.

The Positives

If the company’s HuCNS-SC cells work “even moderately,” Kolbert believes that it could prove to be a “blockbuster”, given that the market is large, with significant upside possible for StemCells.

Kolbert expects the company to provide definitive proof of concept over the next 12 to 18 months.

Latest Ratings for STEM

DateFirmActionFromTo
May 2021Goldman SachsInitiates Coverage OnBuy
May 2016Maxim GroupDowngradesBuyHold
Apr 2016Rodman & RenshawAssumesBuy

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