Maxim’s healthcare analyst Jason Kolbert weighed in today with a favorable report on Galena Biopharma Inc (NASDAQ:GALE), after the company reported the presentation of two abstracts at the 2015 American Society of Clinical Oncology (ASCO) Annual Meeting, to be held May 29-June 2, 2015 in Chicago, Illinois. In reaction, Galena shares are currently trading at $1.59, up $0.17 or 11.97 percent.
Kolbert noted, “As ASCO approaches, we believe its a good time for investors to focus on Galena Biopharma. With interim data from NeuVax (phase III) coming YE2015 or early 2016 and GALE-301 phase I/IIa data at ASCO next week, we see an opportunity for investors. Galena’s vaccines are at comparable stages in development to those from other companies that were were rewarded with lucrative partnerships, driving valuation inflections.”
The analyst maintained a Buy rating on Galena Biopharma with a $7.00 price target, which implies an upside of 346% from current levels.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 1.8% and a 44.1% success rate. Kolbert has an -25.0% average return when recommending GALE, and is ranked #1401 out of 3607 analysts.