Galena Biopharma (GALE) Buy Reiterated at Needham & Company Posts Q1 on Pipeline Progress

Needham & Company analyst Chad Messer reiterated a Buy rating and $9 price target on Galena Biopharma (NASDAQ: GALE) following Q1 results which showed pipeline progress.

Messer notes, "Galena ended 1Q:14 with $52.4 million in cash and has previously guided for ~$8 million/quarter in operating burn during 2014. Abstral sales were $2.2 million in the quarter, slightly below our $2.5 million estimate. Management reiterated 2014 Abstral net revenue guidance of $11-15 million. Flagship pipeline product NeuVax remains on track to complete enrollment this year and to report data in mid-2016. GALE-401 is progressing towards a Phase II study this year, and GALE-301 is progressing in a Phase II study. We maintain our BUY rating on GALE shares as the company continues to execute on its diverse cancer pipeline."

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 $2.46 yesterday.

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