Maxim Reiterates Buy on Galena Biopharma Inc Following GALE-301 Phase 2a Clinical Data Release
In a research report published today, Maxim analyst Jason McCarthy reiterated a Buy rating on shares of Galena Biopharma Inc (NASDAQ:GALE) with a $7 price target, after the company announced that data from the GALE-301 Phase 2a portion of the Phase 1/2a clinical trial was presented at the European Cancer Congress 2015 in Vienna, Austria.
McCarthy noted, “Galena’s vaccines are at comparable stages in development to those from other companies that were rewarded with lucrative partnerships, driving valuation inflections, in our view. Additionally, we believe the cancer vaccine space remains undervalued relative to CAR-T and thus an attractive valuation exists for investors.”
Furthermore, “GALE-301 is the second peptide-based immunotherapy making significant progress in oncology. The company’s lead peptide immunotherapy, NeuVax (prevention of breast cancer recurrence) , is in an over-enrolled pivotal phase III trial (“PRESENT”) with interim data expected in YE-2015.”
“As Galena’s breast cancer vaccine NeuVax is in a fully enrolled pivotal phase III trial, it’s important to highlight the value proposition for cancer vaccine’s overall, a space we believe is undervalued,” the analyst added.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason McCarthy has a total average return of -10.5% and a 19.2% success rate. McCarthy has an average return when recommending GALE, and is ranked #3494 out of 3759 analysts.
Out of the 8 analysts polled by TipRanks, 5 rate Galena Biopharma stock a Buy, 2 rate the stock a Hold and 1 recommends Sell. With a return potential of 224%, the stock’s consensus target price stands at $5.17.