Maxim Weighs in on Galena Biopharma Inc (GALE) Following ESMO Abstract Release

In a research report issued Monday, Maxim analyst Jason McCarthy reiterated a Buy rating on Galena Biopharma Inc (NASDAQ:GALE) with a price target of $1.00, after the drug maker presented positive interim safety data at the European Society of Medical Oncology (ESMO) Congress from its phase IIb study evaluating NeuVax in combination with Herceptin (trastuzumab) for the prevention of breast cancer recurrence in women with high-risk, node positive and node negative, HER2 1+ and 2+ breast cancer.

McCarthy noted, “While NeuVax did not show efficacy as a monotherapy in a phase III study (different BC population), Galena has shown that NeuVax induces HER2 targeting T-cells. In our view it may take a combination to get the desired effect. We are seeing the immunotherapy space overall, including CAR-T, IL-12 approaches and other vaccines, move towards combination studies. As such when combined with the NeuVax safety profile, T-cell responses and multiple ongoing studies that were not stopped in the wake of PRESENT, we believe NeuVax still has legs.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason McCarthy has a yearly average return of -4.3% and a 37.5% success rate. McCarthy has a -58.4% average return when recommending GALE, and is ranked #3849 out of 4183 analysts.

Out of the 7 analysts polled by TipRanks, 5 rate Galena stock a Buy, while 2 rate the stock a Hold. With a return potential of 681%, the stock’s consensus target price stands at $2.34.

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