Roth Capital Maintains Buy On Galena Following GALE-401 Phase II Interim Data
In a research report published today, Roth Capital analyst Joseph Pantginis maintained a Buy rating on Galena Biopharma (NASDAQ:GALE) with an $8.00 price target, as the company presented early data from 18 patients in the open-label Phase II study of GALE-401 in patients with thrombocytosis related to myeloproliferative neoplasms.
Pantginis stated, “We believe these early data demonstrate the potential effectiveness of GALE-401 in reducing platelet counts in patients with different types of myeloproliferative disorders. The study is designed such that titrating the dose can allow to reduce platelet counts to the desired range of 1.5-4X1011 platelets per liter. Additionally, GALE-401 appears to be well tolerated with no serious AEs to date.”
Furthermore that analyst said, “This study represents the first step in seeking approval for the drug via the 505(b)(2) regulatory pathway. We believe the GALE-401 program is de-risked based on its known mechanism and clinical data to date. Should this Phase II study be successful, we believe it should lead to a Phase III study in ~200 patients, followed by our projected approval of the drug in 2017.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of -1.7% and a 45.9% success rate. Pantginis has a -30.7% average return when recommending GALE, and is ranked #3004 out of 3398 analysts.