MLV Pounds the Table on Galena Biopharma Inc
MLV analyst Vernon Bernardino was out pounding the table on Galena Biopharma Inc (NASDAQ:GALE) Monday, reiterating a Buy rating and a $5 price target, which implies an upside of 236% from current levels.
Bernardino observed, "We believe Galena now has the commercial infrastructure in place to motivate investors to recognize that the company is driving product revenues that will continue to grow prior to the approval and launch of its pipeline of products, which continues to have NeuVax as its centerpiece. We look for the completion of enrollment in the NeuVax PRESENT Ph 3 trial in breast cancer as a moderate catalyst for the stock, as we believe investors are looking for a point by which we may discern the timing of the event-driven interim look, which Galena continues to guide for the late 2015 / early 2016 timeframe. We’d be buyers of the stock at current prices, ahead of the 2Q15 Zuplenz launch, and thus, reiterate our Buy."
According to TipRanks.com, which measures analysts' and bloggers' success rate based on how their calls perform, analyst Vernon Bernardino has a total average return of -5.5% and a 32.5% success rate. Bernardino has a -28.9% average return when recommending GALE, and is ranked #3268 out of 3544 analysts.