UPDATE: Dawson James Initiates Galena Biopharma at Market Outperform

Dawson James initiated coverage on Galena Biopharma GALE with a Buy rating and a $3 price target. Dawson James commented, "We believe investors have yet to fully appreciate NeuVax's clinical potential and chance of success in the Phase III PRESENT study currently underway. After assessing the NeuVax Phase II data on hand and speaking with Company management, we believe Galena has managed to implement several key insights gained from prior trials into in the Phase III PRESENT study, ignificantly improving its likelihood of success." Galena Biopharma closed at $1.68 on Monday.