Noble Financial Lifts PT on Galena (GALE) to $6 Amid Outlook for GALE-401

February 3, 2014 8:27 AM EST
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Price: $0.21 --0%

Rating Summary:
    6 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 29 | Down: 30 | New: 23
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Noble Financial boosts its price target on Galena Biopharma (Nasdaq: GALE) from $4 up to $6, while maintaining a Buy rating on the the company .

Analyst Rahul Jasuja said the improved outlook comes following a recent update for GALE-401 and a model update on NeuVax interim data and Abstral sales. The analyst commented, GALE-401 (acquired from Mills Pharmaceuticals) is a controlled release formulation of Anagrelide in the treatment of Essential Thrombocythemia (ET); currently Anagrelide IR (instant release) and hydroxyurea (HU) are the predominant drugs for ET.

With improved pk metrics GALE-401 may be more effective without the tolerability/safety issues of Anagrelide-IR; could capture larger market share over HU; US sales potential of $150 to $200M; 8K new cases of ET each year and 80-100K prevalence in US ... Company has discussed with FDA, GALE-401 will be developed under 505b2 path for ET with Anagrelide-IR as reference drug; Phase 2 studies to begin shortly; could be on the market late 2017 or early 2018, Jasuja noted.

For an analyst ratings summary and ratings history on Galena Biopharma, click here. For more ratings news on the Company, click here.

Galena Biopharma closed at $5.27 yesterday, with a 52 week range of $1.65 to $7.77.

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