MRK - Aptose Shares Look Undervalued Ahead Of Value-Driving Efficacy Data

• Aptose shares have been weak of late, but there have been no negative updates to the company's core clinical programs, and management recently started its third trial (CG-806 in AML).
• It is unclear whether the upcoming ASH meeting will provide meaningful efficacy information on CG-806; management has reported seeing "nodal reductions," but no formal responses yet.
• Whether or not CG-806 works is the key value-driving question at Aptose. Aan effective pan-FLT3/pan-BTK inhibitor is worth substantially more than today's share price.
• Aptose shares look undervalued below $7.

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