Roth Capital Raises PT on Galena Biopharma (GALE) Following Deal with Dr. Reddy's (RDY)

January 14, 2014 8:37 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: 30 | Down: 30 | New: 23
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Roth Capital boosts its price target on Galena Biopharma (Nasdaq: GALE) from $11 to $12, while maintaining a Buy rating on the name.

NOTE: Ahead of the opening bell, Galena announced entering a new partnership with Dr. Reddy's (NYSE: RDY) for NeuVax (nelipepimut-S) in India. Click here for more color.

Roth analyst Joseph Pantginis notes that Galena's announcement was a positive development. He commented, Management has indicated for last couple of years that it would be seeking regional partnerships for NeuVax to expand its potential global market penetration ... We believe that management continues to pursue a partnership in a major territory such as the EU or US and continues to deliver on our expectations.Galena continues to transform itself before our eyes, first as a leading cancer immunotherapy company with NeuVax and FBP vaccines but also as a revenue generating company with Abstral for breakthrough cancer pain and likely GALE-401 in 2017.

Pantginis also commented on the price target hike, saying, Inclusion of India into our NPV model for NeuVax and gastric cancer with what we consider to be conservative projections based on the size of the gastric cancer market: projected 2020 launch, 25% chance of success and $375 million in peak sales in India.

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

Galena Biopharma closed at $6.35 on Monday, with a 52 week range of $1.65 - $7.60.

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