Maxim ups Galena Biopharma price target to $4

Maxim Group raised its price target for Galena Biopharma (NASDAQ:GALE) to $4 from $1, saying the company has multiple programs moving forward, including NeuVax. The stock was quoted at $2.90 in afternoon trading on Dec. 2.

“2016 has been a year for data analysis and laying out the path forward,” writes analyst Jason McCarthy. “We expect these programs to make progress in 2017, providing catalysts for the stock.”

Galena also has two poster presentations at the San Antonio Breast Cancer Symposium on Dec. 6 to 10.

NeuVax in breast and gastric cancer and GALE-301, targeting folate-binding protein in ovarian/endometrial cancers, have the potential to maintain cancer “survivorship," which continues to rise as therapeutic options advance, Mr. McCarthy said.

NeuVax generates HER2 targeting T-cells, which while not successful as a monotherapy, is currently the subject of two ongoing studies in combination with Herceptin: a Phase 2b study with 300 patients and a Phase 2 study with 100 patients.

In addition, two Phase 2 studies - one in gastric cancer and one in ductal carcinoma in situ, the most common type of non-invasive breast cancer, with MD Anderson - should initiate soon, he added.