STML - Here's Why Stemline Therapeutics Dropped Today
Shares of Stemline Therapeutics (NASDAQ: STML) were down 34% at 11:42 a.m. EST after the company released disappointing preliminary fourth-quarter results.
The biotech estimates that it sold $11.8 million worth of Elzonris, a drug that treats blastic plasmacytoid dendritic cell neoplasm (BPDCN), a type of blood cancer. That's lower than the $13.1 million Stemline Therapeutics sold in the third quarter -- when, as the company noted, the number of new patients on the drug increased by over 20% quarter over quarter.
Management didn't give much color on the reason for the quarter-over-quarter decline in the press release, but the company has noted in the past that BPDCN is often misdiagnosed, and it was working with doctors to increase the speed and accuracy of diagnoses. Management will likely update investors on the progress and reason for the sales slowdown during the company's presentation at the J.P. Morgan Healthcare Conference on Wednesday.