Galena Biopharma (GALE) PT Lowered to $2 at FBR Capital; 'Outperform' Maintained

FBR Capital analyst Vernon Bernardino lowered his price target on Galena Biopharma (NASDAQ: GALE) to $2.00 (from $5.00) but maintained an Outperform rating.

Bernardino commented, "With the announcement by Galena Biopharma (GALE) that the Data Monitoring Committee (DMC) for its PRESENT Phase III study with NeuVax for prevention of breast cancer recurrence in high-risk patients recommended that the study be stopped due to futility, we point to unrecognized value in Galena’s pipeline. More specifically, we see GALE-301/GALE-302 for ovarian cancer, Phase III ready GALE-401 for thrombocythemia, the two ongoing Phase II studies in breast cancer with NeuVax in combination with Herceptin, which are sponsored and partially funded by Roche, and lastly, the planned NeuVax VADIS study in ductal breast carcinoma in situ (DCIS) as clinical programs with nascent value creating potential. We think the negative results from PRESENT are priced into the stock and see upside potential from the ongoing detailed review of un-blinded PRESENT results. We maintain our Outperform rating by removing NeuVax’s contribution to our models to balance risk in our analysis with a price target adjusted from $5 to $2 per share."

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 $0.47 yesterday.

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