FBR Capital Reiterates Outperform on Galena Biopharma (GALE) Following Phase lll Investigation
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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.
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