MLV Reiterates Buy on Galena Biopharma Inc Following Enrollment Expansion of NeuVax Combo Phase 2b
MLV’s healthcare analyst Vernon Bernardino came out with a few insights on Galena Biopharma Inc (NASDAQ:GALE), after the company announced expansion of targeted patient population for its ongoing Phase 2b clinical trial with NeuVax in combination with Herceptin (trastuzumab), a monoclonal antibody directed at the HER2/neu receptor by Roche Holding Ltd. (ADR) (OTCMKTS:RHHBY).
Bernardino noted, “The treatment combo is being studied in diseasefree node-positive and triple-negative/node-negative breast cancer patients with immunohistochemistry (IHC) HER2 1+/2+ expressing tumors. NeuVax has shown promising results in human leukocyte antigen (HLA)-A2+ and HLA-A3+ breast cancer (~60% of patients). The expansion into HLA-A24 and HLA-A26 expands the targeted pool of patients to an additional 10-15% of the population in the US (~10-15K women), but importantly, ~70% of women in Asian countries such as Japan. Pending analysis of data (we est. disease-free survival at 24 months, 1H16), we make no changes to our models at this time.”
The analyst reiterated a Buy rating on GALE, with a $5.00 price target, which implies an upside of 262% from current levels.
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 -10.9% and a 32.6% success rate. Bernardino has a -28.6% average return when recommending GALE, and is ranked #3464 out of 3550 analysts.