FBR Capital Reiterates Outperform on Galena Biopharma (GALE) Following Phase lll Investigation
- AT&T (T) to Acquire Time Warner (TWX) for $107.50/Share
- Rockwell Collins (COL) to Acquire B/E Aerospace (BEAV) for $6.4B
- Top 10 News for 10/17 - 10/21: Merger Rumors Abound; CEOs Depart; Tesla Kicks Autopilot Up A Notch
- Wall Street ends little changed; Microsoft hits record
- AT&T (T) in Advanced Talks to Acquire Time Warner (TWX) - DJ
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
FBR Capital reiterated an Outperform rating and $2.00 price target on Galena Biopharma (NASDAQ: GALE) following an investigation of the company's Phase III study of NeuVax.
Analyst Vernon Bernardino commented, "After a thorough investigation of its PRESENT Phase III study with NeuVax, GALE found no evidence of a systemic reversal of the treatment arms, and, therefore, has confirmed the independent Data Monitoring Committee (IDMC) recommendation that the study be stopped due to futility. We think the negative results from PRESENT are priced into the stock and now point to the unrecognized value in the pipeline as reasons for considering GALE stock. More specifically, we estimate $1 per share value in GALE-401, the company’s Phase III ready product candidate for thrombocythemia. We also estimate the $1 per share in value in GALE-301/GALE-302 for ovarian and endometrial cancers as undervalued. Therefore, we reiterate our Outperform rating."
Shares of Galena Biopharma closed at $0.42 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Galena Biopharma (GALE) Announces Presentation of GALE-301, GALE-302 Data at ASC Clinical Congress 2016
- Jefferies Cuts Price Target on Reliance Steel (RS) Following 3Q EPS Miss and Guidance
- KLA-Tencor (KLAC) PT Raised to $85 at Cowen
Create E-mail Alert Related CategoriesAnalyst Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!