Maxim’s healthcare analyst Jason Kolbert weighed in with his thoughts on Galena Biopharma (NASDAQ:GALE), after the company announced enrollment of the 700th patient in the NeuVax Phase 3 PRESENT clinical trial. NeuVax is a first-in-class, HER2-directed cancer immunotherapy under evaluation to prevent breast cancer recurrence after standard of care treatment in the adjuvant setting.
The analyst rates the stock a Buy with $7.00 price target, which represents a potential upside of 317% from where the stock is currently trading.
Kolbert noted, “Over-enrollment will increase the confidence in both the timing and quality of the statistics and the final outcome of the trial. Completion of final enrollment in the trial is expected near the end of 1Q15. Endpoints in the trial are based on tumor recurrence, with an interim data analysis expected in 2H15, the trial has a SPA (special protocol agreement) with the FDA.” The analyst added, “Preventing the recurrence of breast cancer represents an unmet medical need and a blockbuster opportunity.”