Galena Biopharma Inc (NASDAQ:GALE) shares are climbing almost 12% today after the biotech firm presented data from its Phase 1b trial that evaluates patient’s immune responses to GALE-301, the firm’s cancer immunotherapy pipeline drug that consists of a peptide derived from Folate Binding Protein (FBP), which is combined with the attenuated form of the peptide, GALE-302, in breast cancer patients as a prospective vaccination strategy to prevent recurrence.

On back of the positive data read-out, Maxim analyst Jason McCarthy remains bullish on the GALE, reiterating a Buy rating with a $1.00 price target, which represents just under a 221% increase from where the stock is currently trading.

The results were revealed at the American College of Clinical Surgeons Congress in Washington, D.C. and indicated that the level of FBP expression on distinctive cancers is a crucial, determining element in assessing the “right” vaccine dosing strategy to induce the “right” immune response.

In GALE’s Phase 1 b trial in breast cancer, which is a “low” FBF expressing cancer,  the “the dose was too high as it could cause Tcell ‘burnout.’ 500ug, or half the dose, was sufficient to generate long-term immune responses,” the analyst notes.

McCarthy adds, “Due to these results, Galena may also opt for the attenuated form of the vaccine, GALE-302, for low FBP expressing cancers as this vaccine is less ‘potent’ and may avoid T-cell burnout while driving long-term immunity.”

Ultimately, “Galena continues to advance pipeline vaccine programs. Dose finding to generate the ideal immune response to a vaccine is tricky, and thus today’s data demonstrating different dosing, potency, scheduling, and boosting strategy driving long-term immune responses in breast cancer vs. ovarian cancer is valuable, and a positive for the company as it moves the FBP vaccine programs forward,” McCarthy concludes.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, analyst Jason McCarthy is ranked #3,846 out of 4,180 analysts. McCarthy is ranked #3,846 out of 4,180 analysts. McCarthy has a 38% success rate and faces a loss of 4.3% in his annual returns. When recommending GALE, McCarthy loses 58.4% in average profits on the stock.

TipRanks analytics exhibit GALE as a Buy. Based on two analysts polled in the last 3 months, 100% rate a Buy on GALE. The 12-month price target stands at $1.50, marking a nearly 384% upside from where the shares last closed.screen-shot-10-20-16-at-08-56-pm