Piper Jaffray analyst Joseph Catanzaro lowered his price target for Stemline Therapeutics to $23 to reflect reduced 2019 Elzonris estimates. Given the shortened Q1 selling period and expectations that early use will be heavily weighted towards blastic plasmacytoid dendritic cell neoplasm, who receive fewer cycles of therapy, the analyst reduced his 2019 Elzonris estimates. However, he believes the drug's long-term opportunity is intact. Catanzaro continues to view Stemline shares as undervalued and thinks the now approved U.S. BPDCN label is a $250M opportunity. He keeps an Overweight rating on Stemline Therapeutics.