Jefferies initiates Stemline Therapeutics with a Buy; shares higher

Stemline Therapeutics (STML +5.7%) moves up today after Jefferies initiates coverage with a Buy and a hefty $60 price target.

Jefferies says that STML's lead drug, SL-401, is entering pivotal trials in 2014 for the treatment of BPDCN, a rare lymphoma, and third-line acute myeloid leukemia.

The firm views response rates in both settings as robust, including durable complete responses, after a single cycle of treatment, and believes that even better efficacy could be achieved with multiple SL-401 cycles. It estimates SL-401 peak sales of over $500M.

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