UPDATE: McNicoll Lewis Vlak Initiates Galena Biopharma at Buy on Cancer Vaccine Potential

McNicoll Lewis Vlak initiated coverage on Galena Biopharma GALE with a Buy rating and a $6 price target. McNicoll Lewis Vlak commented, "As we near the end of Breast Cancer Awareness month, we are initiating coverage on Galena Biopharma Inc. with a BUY recommendation and one-year price target of $6.00 based on the company's lead Phase III asset, a cancer vaccine called NeuVax. An ongoing Phase III trial, being conducted under a Special Protocol Assessment (SPA), is targeting breast cancer patients who are classified as HER2/neu negative but have node-positive disease. Breast cancer affects one in eight women, and we believe NeuVax will be able to prolong the lives of those who are fortunate enough to catch their disease early." Galena Biopharma closed at $1.88 on Wednesday.