UPDATE: Piper Jaffray Initiates Galena Biopharma at Overweight on ImmunoRx Potential

Piper Jaffray initiated coverage on Galena Biopharma

with an Overweight rating and a $2.50 price target. Piper Jaffray commented, "Galena is a cancer immunotherapy company that is developing NeuVax, which could be a new blockbuster breast cancer adjuvant therapy. Galena should complete enrollment of the Phase III PRESENT trial this summer with 36-month Disease Free Survival (DFS) data in mid-2016. Galena is also developing a Folate Binding Protein E39 (FBP-E39) targeted vaccine in a Phase I/II ovarian and endometrial cancer trial with preliminary data at ASCO in June. We look for clinical progress and potential partnerships to drive shareholder value in 2013. Galena recently raised $24 million, which should fund the company into 2014." Galena Biopharma closed at $1.55 on Friday.