Galena Biopharma Inc
Galena Biopharma Inc (NASDAQ:GALE) shares jumped over 22% today after the cancer therapeutics company announced that NeuVax has gained fast track designation for the treatment of patients with early stage, node positive breast cancer with low to intermediate HER2 expression.
Maxim analyst Jason McCarthy weighed in on the news, noting, “The receipt of fast track designation is a positive for Galena and in our opinion, further validation of the potential for NeuVax to prevent disease recurrence. Interim (safety, futility) data is next, likely by the end of 2Q.”
“NeuVax may solve a major challenge in breast cancer therapeutics, preventing disease recurrence. The number of cancer survivors in the U.S. is expected to grow to 19M by 2024. For women that have survived breast cancer (successfully completing treatment), there are no options to prevent the cancer from coming back other than to “watch and wait.” Vaccination with NeuVax could be the answer, potentially extending survival time for breast cancer survivors,” the analyst added.
McCarthy rates Galena Biopharma a Buy, with a $4 price target, which indicates a 83% upside potential from where the stock is currently trading.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason McCarthy has a yearly average return of 2.1% and a 45.6% success rate. McCarthy has a 64.1% average return when recommending GALE, and is ranked #1285 out of 3972 analysts.
Out of the 5 analysts polled by TipRanks, 4 rate Galena stock a Buy, while 1 rates the stock a Hold. With a return potential of 84%, the stock’s consensus target price stands at $4.
Leone explained, “We think that CELG has made a number of interesting innovative early stage investments, but we are unsure of upside to current consensus estimates as 1) the bulk of company sales growth through 2020 is reliant on Revlimid penetrating Non-Hodgkin Lymphoma’s (NHL), and 2) a number of new promising therapies are under development for B-cell malignancies.”
According to TipRanks.com, analyst Dane Leone has a yearly average return of 6% and a 66% success rate. Leone is ranked #443 out of 3972 analysts.
Out of the 23 analysts polled by TipRanks, 19 are bullish on Celgene stock, while 4 remain sidelined. With a return potential of 35%, the stock’s consensus target price stands at $143.50.