Galena Biopharma fka GALE

[Pierrocks]

Noble Financial affirms Galena Biopharma (Nasdaq: GALE) at Buy with a price target of $5 following Q4 results and update issued last week.

Analyst Rahul Jasuja offered the following key points:
NEUVAX Phase 3 Trial (PRESENT): target enrollment of 700 patients achieved; plans to over-enroll beyond 700 patients to enhance statistical rigor; complete enrollment expected in 1Q15; interim data at 70 events expected in late 2015 or early 2016
NEUVAX in combination with Herceptin: ongoing Phase 2 studies in breast cancer patients that are HER2 3+ (Genentech) and HER2 1+2+ (Department of Defense grant); in addition, plans for NeuVax in gastric cancer
ABSTRAL: net revenues for 4Q14 were $3.2M, above our projection of $2.9M; 2014 annual sales of 9.3M within (revised) 2014 guidance of $8-10M; combined Abstral and Zuplenz net revenues guidance for 2015 is $15-$18M
GALE-401 controlled release Anagrelide: Phase 2 ongoing in myeloproliferative neoplasms – enrollment completed 6 months early; GALE-301: Folate binding protein (FBP) vaccine Phase 2 to prevent recurrence in high risk ovarian cancer patients ongoing
ZUPLENZ anti-emetic: launch expected in 2Q15; Zuplenz is an oral film, rapid absorption 5HT3 antagonist (ondansetron) that is FDA approved for chemotherapy/radiotherapy/postoperative -induced nausea & vomiting

-Pier