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."

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Shares of Galena Biopharma closed at $0.46 yesterday.