Here's Why Stemline Therapeutics Inc. Jumped 23% Higher in October

Here's Why Stemline Therapeutics Inc. Jumped 23% Higher in October

Shares of Stemline Therapeutics Inc. (NASDAQ: STML), a clinical-stage biotech developing therapies that target cancer stem cells, shot up 23% in October according to data from S&P Global Market Intelligence. Investors cheered results of a clinical trial that suggests the company's lead candidate has a shot at becoming the first drug approved for a rare blood cancer with a dearth of treatment options.

Meeting unmet need is a recipe for success in this business, and Stemline Therapeutics' lead candidate, SL-401, took a major step toward becoming the first available treatment for patients affected by blastic plasmacytoid dendritic cell neoplasm (BPDCN). During a pivotal trial intended to support a new drug application, the candidate drove the disease into remission for a surprising 60% of 45 patients at different stages of the disease.

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Source: Fool.com