FBR Weighs In On Galena Biopharma Inc (GALE) Following Clinical Setback
FBR analyst Vernon Bernardino weighed in on Galena Biopharma Inc (NASDAQ:GALE), after the company announced that its Independent Data Monitoring Committee completed an interim analysis of GALE’s PRESENT Phase III study with NeuVax for the prevention of breast cancer recurrence in high-risk patients and recommended that PRESENT be stopped due to futility. The analyst rates the stock an Outperform, while putting his price target under review.
Galena shares surged 35 percent today after losing over 80% of their value yesterday.
Bernardino commented, “We anticipated that the IDMC would recommend PRESENT continue unchanged. Other than the fact that 71 events were reviewed, few details were given in the press release; PRESENT results remain un-blinded. GALE expects to conduct a detailed preliminary review of the data and to provide an update on the NeuVax development program in a conference call next week. Pending further details on GALE’s next steps with NeuVax, we are placing our price target under review; we note that, in our DCF analysis of GALE, NeuVax represents ~$2.50/share of our price target.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Vernon Bernardino has a yearly average return of -22.2% and a 22% success rate. Bernardino has a -57.3% average return when recommending GALE, and is ranked #3895 out of 3990 analysts.
Out of the 6 analysts polled by TipRanks, 4 rate Galena stock a Buy, while 2 rate the stock a Hold. With a return potential of 659%, the stock’s consensus target price stands at $3.40.