Analyst Jason McCarthy of Maxim Group maintained a Buy rating for Galena Biopharma Inc (NASDAQ:GALE), but decreased his price target to $2, marking a 340% increase from current levels.

The analyst maintained his bullish rating even though the company’s NeuVax study was discontinued because of how well-funded Galena is in general. Galena has $32 million to evaluate the PRESENT data and determine its next step. Additionally, the analyst feels that there is “value to be unlocked in pipeline assets.”

According to TipRanks, McCarthy has a success rate of 33% with an average loss of 5.7% per recommendation.