Maxim Group Cuts Price Target on Galena Biopharma (GALE) After Meeting with Management
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Maxim Group maintained a Buy rating on Galena Biopharma (NASDAQ: GALE), and cut the price target to $2.00 (from $4.00), after meeting with management. The NeuVax study has been discontinued. However, following a recently announced capital raise, Galena is well-funded with $32M in cash to evaluate the PRESENT data and determine a path forward.
Analyst Jason McCarthy commented, "Following our discussions with Galena management, we walked away believing that the NeuVax story may be far from over (post-hoc analysis coming, potential new trial design, other NeuVax studies will continue, new studies will begin...discussed below), and that there is also value to be unlocked in pipeline assets."
Shares of Galena Biopharma closed at $0.46 yesterday.
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