UPDATE: MLV & Co Reiterates Buy Rating, Raises PT on Galena Biopharma as External Risks Have Subsided

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In a report published Thursday, MLV & Co analyst Vernon T. Bernardino reiterated a Buy rating on
Galena BiopharmaGALE
, 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.
Posted In: Analyst ColorPrice TargetAnalyst RatingsMLV & CoVernon T. Bernardino
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