UPDATE: MLV & Co Reiterates On Galena Biopharma As External Risks Have Subsided

Dwight Einhorn

Thu, Nov 20, 2014, 10:05 AM

In a report published Thursday, MLV & Co analyst Vernon T. Bernardino reiterated a Buy rating on Galena Biopharma (NASDAQ: GALE), and raised the price target from $3.00 to $5.00.

In the report, MLV & Co noted, “We believe Galena Biopharma (GALE) has overcome the external challenges of 1H14, and point to subsiding litigation risk and significant catalysts ahead in 2015, as reasons for encouraging investors to take a fresh look at the stock, which continues to underperform vs. the broader Nasdaq Biotechnology Index in 4Q14 (down 9% vs. up 9%, respectively). We detail key investment points below, which include growing value in the NeuVax clinical program, promising early results from mid-stage products, and a commercial oncology presence that is poised to grow in anticipation of NeuVax's approval in 2018. We therefore reiterate our Buy rating and, using a lower discount rate to reflect decreased risk (from 35% to 30%), we raise our PT from $3 to $5. We believe the stock attractive for speculative investors with medium-term horizons.”

Galena Biopharma closed on Wednesday at $1.81.

Latest Ratings for GALE

Nov 2014	MLV & Co.	Reiterates	Buy
Nov 2014	Cantor Fitzgerald	Maintains	Sell
Mar 2014	McNicoll Lewis Vlak	Maintains	Buy

View More Analyst Ratings for GALE
View the Latest Analyst Ratings

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UPDATE: MLV & Co Reiterates On Galena Biopharma As External Risks Have Subsided

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