FBR Analyst Comments on Galena Biopharma Inc (GALE) Following Poster Presentation at ESMO

In a research report released yesterday, FBR analyst Vernon Bernardino reiterated an Outperform rating on shares of Galena Biopharma Inc (NASDAQ:GALE), with a price target of $2.00, after the company presented a poster of interim safety data from its Phase IIb study with NeuVax + trastuzumab in HER2 1+ and 2+ node-positive and high-risk node-negative breast cancer at the European Society for Medical Oncology (ESMO) Congress.

Bernardino commented, “The results are important, as the combination has the potential to yield greater clinical benefit than trastuzumab treatment alone (an immunodominant peptide derived from the extracellular domain of the HER2 protein). With the combination’s safety established, the Phase IIb study may be completed—with enrollment expected to be completed by year-end 2016 and the first interim efficacy analysis anticipated by year-end 2017. We think GALE shares are trading at attractive levels and, therefore, reiterate our Outperform rating.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Vernon Bernardino has a yearly average loss of 15.4% and a 26% success rate. Bernardino has a 50.5% average loss when recommending GALE, and is ranked #4072 out of 4183 analysts.

Out of the 7 analysts polled by TipRanks, 5 rate Galena Biopharma stock a Buy, while 2 rate the stock a Hold. With a return potential of 763%, the stock’s consensus target price stands at $2.34.

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