Galena Biopharma (GALE) PT Lowered at Needham & Company But Still Sees Shares Doubling

Needham & Company analyst Chad Messer lowered his price target on Galena Biopharma (NASDAQ: GALE) to $4.00 (from $7.00) but maintained his Buy rating. The new price target represents 100% upside from yesterday's closing price.

Messer commented, "Abstral put in its best quarter since launch with $3.2 million in revenue, nearly double the $1.6 million in 3Q. Galena reiterated 2015 guidance for $15-18 million, including unspecified revenues from the launch of Zuplenz in 2Q:15. We look for modest continued growth in Abstral sales. Abstral should become accretive in 2015. Management devoted a larger than average portion of their year end call to NeuVax and GALE-301, which we believe remain the primary drivers for the GALE story. The Phase III NeuVax study enrolled its 700th patient and remains on track to complete over-enrollment by 5-10% at the end of 1Q:15. We expect an event-driven interim analysis around YE:15, with a topline data readout in 2018."

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

Shares of Galena Biopharma closed at $2.00 yesterday.

You May Also Be Interested In

• QuantumScape (QS) PT Lowered to $6 at Truist Securities
• Prysmian SpA (PRY:IM) (PRYMY) PT Raised to EUR53 at HSBC
• Intuitive Surgical (ISRG) PT Raised to $435 at Piper Sandler