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Fly News Breaks for November 21, 2019
Nov 21, 2019 | 13:03 EDT
After GlycoMimetics pushed out expectations for top-line results from its Phase 3 clinical trial of uproleselan in relapsed/refractory AML to 2021 from 2020, Stifel analyst Stephen Willey said that while the delayed timelines won't help sentiment, it doesn't impact his longer-term thesis around GMI-1271. In a research note to investors, Willey says he believes Phase 1/2 GMI-1271 data in relapsed/refractory and newly-diagnosed AML demonstrating a marked improvement in both the magnitude/depth of patient responses and the mitigation of chemotherapy-induced toxicity positions this as a highly-differentiated and potentially best-in-class therapy for these limited-option patients and feels current valuation also assigns little/no value for other earlier-stage pipeline opportunities. He keeps a Buy rating and $14 price target on the shares.
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