Maxim Group Maintains Buy On Galena Following First Patient Dosed In Phase 2 Trial
In a research report issued today, Maxim Group analyst Jason Kolbert maintained a Buy rating on Galena Biopharma (NASDAQ:GALE) with a price target of $7, as the company announced that first patient in the NeuVax/Herceptin combination phase II trial has been dosed. The study is aimed at prevention of breast cancer recurrence in high risk HER2 3+ and or HER2 gene-amplified patients.
Kolbert noted, “First patient dosing in any trial is a milestone. It means the trial is really underway and as such, we are excited. • The “PRESENT” phase III trial for NeuVax continues to enroll (and actually over-enroll) patients, with completion on track for January 2015. Endpoints in the trial are based on tumor recurrence, with an interim data analysis expected in 2H15. Preventing the recurrence of breast cancer represents an unmet medical need and a blockbuster opportunity.”
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 5.3% and a 42.1% success rate. Kolbert has a -9.9% average return when recommending GALE, and is ranked #686 out of 3367 analysts.