APTO - Aptose Biosciences falls 27% after ASH presentation disappointment

Oppenheimer updates on the investor event held by Aptose Biosciences (APTO) at the ASH conference yesterday. "Several CLL/NHL patients in CG-806's Phase 1 trial have shown tumor size reductions, although no objective responses were observed. Since EHA, dosing has escalated to 750 mg BID, but two of the three patients stopped treatment early due to AEs that we believe were likely unrelated to CG-806. Thus, the clinical body of evidence was smaller than we had hoped, and we have updated our model to reflect slightly prolonged development timelines and revised estimates. Early results from one FLT3+ patient showed clear evidence of peripheral blast reduction, which could bode well for CG-806’s development in AML." Oppenheimer keeps an Outperform rating on Aptose and the price target is cut to $8.00. See the Aptose presentation details.Shares of Aptose are down 26.66% in premarket action.

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Aptose Biosciences falls 27% after ASH presentation disappointment