Cantor Fitzgerald Initiates Coverage of Galena Biopharma with Buy Rating, $4 PT

In a report published earlier today, Cantor Fitzgerald L.P. initiated coverage of Galena Biopharma Inc. GALE with a Buy rating and a $4.00 price target. Cantor Fitzgerald went on to say “Galena Biopharma is a development-stage company with a clinical candidate, NeuVax, in Phase III testing for prevention of recurrence of breast cancer in women at high risk for recurrence. The concept of using medication to lower recurrence risk is not new (tamoxifen, aromatase inhibitors), but the targeted patient population - low HER2 expressers - represents a new paradigm in treating patients. The addressable market is sizable (multi-billion), but Galena and NeuVax's path to Phase III trials has been anything but straightforward. Nonetheless, the shares are modestly valued and incremental news flow combined with NeuVax's market opportunity makes the shares attractive.” Galena Biopharma Inc. closed on Friday at $1.29.