Maxim Lifts Price Target for Galena Biopharma Inc (GALE) Ahead of Two Forthcoming Presentations

Galena Biopharma Inc (NASDAQ:GALE) has announced it will have two post presentations at next week’s San Antonio Breast Cancer Symposium: “VADIS Trial: Phase 2 Trial of the Nelipepimut-S Peptide Vaccine in Women With DCIS of the Breast” as well as “Determining the Optimal Vaccination Strategy Using a Combination of the Folate Binding Protein (FBP) Peptide Vaccine (E39 + GMCSF) and an Attenuated Version (E39′) to Maximize the Immunologic Response in Breast Cancer Patients.”

Ahead of the two presentations, Maxim analyst Jason McCarthy reiterates a Buy rating on GALE while elevating the price target from $1 to $4, which represents a 41% increase from where the shares last closed.

The analyst underscores, “Following an extensive review of the phase III PRESENT data, which demonstrated that patients treated with NeuVax had T-cell inflamed lesions, investigator sponsored studies in combination with Herceptin are continuing (data due late 2017/18). Another positive outcome is the NCIs commitment to move the phase II study forward in DCIS.”

Between the data produced in the Phase IIa trial in ovarian cancer along with the data noted in the Phase Ib trial in breast cancer, both have revealed variability between vaccine choice, dose, as well as disease type, which has proven to be beneficial to the biotech firm. Accordingly, GALE is using the data to configure its following clinical trial in breast cancer.

Moreover, the firm’s pipeline drug GALE-401, a controlled release formulation of anagrelide for the treatment of essential thrombocythemia (ET), awaiting feedback from the FDA and a proper trial design has solid chances to stride towards a pivotal Phase III trial come second quarter of 2017.

Ultimately, “Galena has multiple programs moving forward, including NeuVax. 2016 has been a year for data analysis and laying out the path forward. We expect these programs to make progress in 2017, providing catalysts for the stock,” McCarthy surmises.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, Jason McCarthy is ranked #4,129 out of 4,239 analysts. McCarthy has a 24% success rate and loses 16.0% in his yearly returns. When suggesting GALE, McCarthy forfeits 72.4% in average profits on the stock.

TipRanks analytics show GALE as a Buy. Based on 2 analysts polled in the last 3 months by TipRanks, both rate a Buy on GALE stock. The 12-month average price target stands at $6.00, marking a nearly 108% upside from where the stock is currently trading.screen-shot-12-02-16-at-09-07-pm


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