Stifel raised its price target for GlycoMimetics (NASDAQ:GLYC) to $23 from $17 after the company presented incremental Phase 1/2 data for GMI-1271 in both relapsed/refractory (R/R) and newly-diagnosed AML patients. The stock closed at $14.32 on Dec. 11.
Analyst Stephen Willey writes that the data was featured as part of an oral presentation at the ASH meeting in the evening of Dec. 11 and “represents an important de-risking event, which improves our outlook on the probability of Phase 3 success and subsequent commercial viability.”
He said of particular interest is the overall survival (OS) achieved in GMI-1271-treated R/R AML patients, which is the current breakthrough therapy designation and the focal point of company-sponsored Phase 3 plans. The 9.4 month median OS above consensus expectations represents a near-doubling relative to historical chemotherapy data, he added.
Mr. Willey said updated median OS data in new-diagnosed elderly AML patients of 15.8 months, while limited in terms of patient numbers, also looks similarly encouraging and will likely serve as the basis of future Phase 3 development plans.
Mr. Willey said the stock remains a core small-cap idea.
