Maxim Group Maintains Buy On Galena Biopharma Following Conference Call
In a research report issued today, Maxim Group analyst Jason Kolbert maintained a Buy rating on Galena Biopharma (NASDAQ:GALE) with a $7 price target, as the company held a conference call after the Market close and addressed issues about the recent SEC investigation and internal decisions and findings.
Kolbert wrote: “Galena is now putting the IR debacle that occurred last year behind the company. As such, we would have investors focus on fundamentals: 1. The company has grown from a small company with 12 employees to an integrated biopharma company of 62 people, now having a commercial product (Abstral) and a second coming (Zuplanz) in the commercial pipeline. 2. Galena patient services program: Trans-mucosal rapid delivery of pain medicine. Market share is now 8% by prescription and 4% by dollar volume. The goal is to drive market share in the oncology practice. NeuVax is currently in a phase III trial (PRESENT), under an SPA (special protocol agreement) as an adjuvant therapy to prevent breast cancer recurrence in HER2 1+/2+ patients. As of yesterday, the company has enrolled 533 patients and expects to complete the enrollment of 700+ patients (over-enroll) by January 2015.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 9.3% and a 48.5% success rate. Kolbert has a -14.1% average return when recommending GALE, and is ranked #332 out of 3306 analysts.