Galena Biopharma (GALE) PT Raised to $4 at Maxim Group into San Antonio Breast Cancer Symposium

Maxim Group analyst Jason McCarthy sharply raised his price target on Buy-rated Galena Biopharma (NASDAQ: GALE) to $4.00 (from $1.00) ahead of next week's presentations as the San Antonio Breast Cancer Symposium.

McCarthy highlighted:

• Gale announced that the company will have two post presentations at the San Antonio Breast Cancer Symposium (December 6-10, 2016) titled 1. "VADIS Trial: Phase 2 Trial of the Nelipepimut-S Peptide Vaccine in Women With DCIS of the Breast." and 2. "Determining the Optimal Vaccination Strategy Using a Combination of the Folate Binding Protein (FBP) Peptide Vaccine (E39 + GM-CSF) and an Attenuated Version (E39') to Maximize the Immunologic Response in Breast Cancer Patients.".
• NeuVax. Following an extensive review of the phase III PRESENT data, which demonstrated that patients treated with NeuVax had T-cell inflamed lesions, investigator sponsored studies in combination with Herceptin are continuing (data due late 2017/18). Another positive outcome is the NCIs commitment to move the phase II study forward in DCIS.
• GALE-301/302. Data generated in a phase IIa study in ovarian cancer and phase Ib study in breast cancer are demonstrating variability between vaccine choice, dose and disease type; this has provided valuable information for Galena which is now being used to design the next clinical trial in breast cancer. In addition, GALE-401, a controlled release formulation of anagrelide for the treatment of essential thrombocythemia (ET), is likely to move to a pivotal phase III study in 2Q17, pending FDA feedback and trial design.
• Conclusion. Galena has multiple programs moving forward, including NeuVax. 2016 has been a year for data analysis and laying out the path forward. We expect these programs to make progress in 2017, providing catalysts for the stock. Accordingly, we raise our price target to $4 from $1 - note that a reverse stock split of 1-for-20 became effective on November 11.

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 $2.74 yesterday.

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