Wedbush upbeat on SL-401, starts Stemline at Outperform

Wedbush starts Stemline Therapeutics (STML) at Outperform.

Analyst David Nierengarten likes SL-401 — which scored an Orphan Drug designation for blastic plasmacytoid dendritic cell neoplasm back in June — saying the targeted diphtheria toxin fusion protein could see regulatory approval "as early as year-end 2015."

Nierengarten highlights the results from a Phase I/II BPDCN trial and notes that a Phase 2 study is set to begin in H1 2014.

Price target is $49 representing a 34% upside from today's close.

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