Galena: We Continue To Believe The Company’s Fundamental Thesis Remains Strong, Says Roth Capital
In a research report issued yesterday, Roth Capital analyst Joseph Pantginis reaffirmed a Buy rating on Galena Biopharma (NASDAQ:GALE) with an $8 price target, following the company’s third-quarter results, posting EPS of ($0.05) compared with Roth’s estimate of ($0.18) and the consensus estimate of ($0.11). The current price target represents a potential upside of 302% from where the stock is currently trading.
Pantginis wrote, “While revenues were lower than expectations, management explained it was due to distributor-level inventories and order timings not matching up with demand. Management attributed this to Abstral being in its first year at Galena and expects ordering levels to balance out as they gain experience with the product. We expect this learning curve to contribute to the management of Zuplenz as it is launched in 1Q15. On the clinical development front, the Phase III PRESENT study is expected to finish enrollment (and over enroll the expected 700 patients) by the end of January 2015. The Phase II study of NeuVax with Herceptin in HER2 IHC1+/2+ node-positive or negative, is ongoing with enrollment projected to complete by the end of 2015.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of -6.9% and a 43.2% success rate. Pantginis has a -26.4% average return when recommending GALE, and is ranked #3312 out of 3358 analysts.