Biotech Beat: FBR Analysts Weigh In on Galena Biopharma Inc (GALE), Peregrine Pharmaceuticals (PPHM) and Immune Pharmaceuticals Inc (IMNP)

Galena Biopharma Inc

FBR analyst Vernon Bernardino weighs in on Galena Biopharma Inc (NASDAQ:GALE), after the biotech company announced that the FDA has given Fast Track designation to its PRESENT Phase III development program with NeuVax as a treatment for patients with early-stage, nodepositive breast cancer with low-to-intermediate HER2 expression who completed standard of care.

Bernardino noted, “We view the news as positive for potential acceleration of NeuVax’s advancement through its 758-patient PRESENT pivotal trial. As a reminder, the 70th qualifying diseasefree survival event in PRESENT was announced in March, and thus, the anticipated interim analysis of safety and futility is on track and could be a positive catalyst in late 2016. Although PRESENT will remain blinded, we think any observation that supports NeuVax’s activity could also be a positive catalyst for the stock. We think the GALE shares are trading at attractive levels, and therefore, reiterate our Outperform rating.”

Check Bernardino’s historical performance and ranking here.

Out of the 5 analysts polled by TipRanks, 4 rate Galena Biopharma stock a Buy, while 1 rates the stock a Hold. With a return potential of 79%, the stock’s consensus target price stands at $3.67.

GALE Chart

Peregrine Pharmaceuticals

FBR’s Thomas Yip reiterated an Outperform rating on shares of Peregrine Pharmaceuticals (NASDAQ:PPHM), with a $1.00 price target, after the drug maker reported a preliminary financial update of the company and its wholly owned bio-manufacturing subsidiary, Avid Bioservices.

Yip stated, “This financial update reaffirmed our belief that Avid will continue its organic growth, and we continue to think that Avid will remain a valuable source of non-dilutive cash flow for Peregrine as the company continues to explore opportunities to develop its lead asset, bavituximab, as a treatment combination with immuno-oncology agents. We also think Peregrine would not require additional financing in the near term, as it reported a pro forma cash balance of $61 million as of April 30.”

According to TipRanks, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Thomas Yip has a yearly average return of 69.8% and a 39.5% success rate. Yip has a -34.2% average return when recommending PPHM, and is ranked #22 out of 3986 analysts.

Out of the 3 analysts polled by TipRanks, 2 rate Peregrine stock a Buy, while 1 rates the stock a Hold. With a return potential of 2.2%, the stock’s consensus target price stands at $0.50.

PPHM Chart

Immune Pharmaceuticals Inc

Analyst Vernon Bernardino was out pounding the table on Immune Pharmaceuticals Inc (NASDAQ:IMNP), reiterating an Outperform rating and price target of $3.00, which implies an upside of 747.5% from current levels.

Bernardino wrote, “We think IMNP is currently undervalued when considering the collective value of its clinical-stage assets. Following Jazz Pharmaceuticals’ (JAZZ) recent announcement of its $1.5B acquisition of Celator Pharmaceuticals (CPXX) for Vyxeos, the latter’s Phase III stage product candidate for acute myeloid leukemia (AML), we particularly think Ceplene, an IMNP asset already approved in the EU and Israel as a treatment for maintenance of complete response (CR) in patients with AML, alone is undervalued.”

“We believe that Ceplene’s value has been overlooked, and we regard finalizing the design of a U.S. pivotal trial with the FDA as a catalyst that could be positive for IMNP stock later this year,” the analyst added

As of this writing, all the 3 analysts polled by TipRanks rate Immune Pharmaceuticals stock a Buy. With a return potential of 889%, the stock’s consensus target price stands at $3.50.

IMNP Chart

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