Why StemCells (STEM) Stock Hit Another One-Year High Today

NEW YORK (TheStreet) -- StemCells  (STEM) surged to another 52-week high of $2.34 on Friday, as the company continued to rise on the strength of its positive interim results from a Phase I/II clinical trial of its proprietary HuCNS-SC human neural stem cell platform in dry age-related macular degeneration.

The results showed improvement in visual function and a slowing of the disease's progression. The data showed a 65% decrease in the rate of geographic atrophy in the eye studied compared to the expected natural history of the disease, along with a 70% decrease in the rate of GA (the gradual loss of two crucial retinal tissue layers, the photoreceptors and the retinal pigmented epithelium) when compared to the control eye.

StemCells announced Friday it had closed enrollment in the trial based on the results.
 
 
 
Maxim Group said in a research note Thursday the early data "represents a best case outcome. This therapy represents a blockbuster opportunity (dry AMD) and could be transformational for the company." Maxim maintained its "buy" rating and $2.50 price target on the stock.
 
The stock was up 7.18% to $2.24 at 10:07 a.m.
 
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