Galena Biopharma fka GALE

[jlh10000]

Noble Financial Remains Netural on Galena's (GALE) Legal Issues; Maintains 'Buy' Rating

Noble Financial maintains Galena Biopharma (Nasdaq: GALE) at Buy with a price target of $6.

Analyst Rahul Jasuja noted that Galena's pipeline remains robust amid recent turbulance in the shares. The analyst said Noble also isn't taking a stance on the legal issues with Galena. The analyst also offered the following observations following recent quarterly results:

- ABSTRAL: Abstral net revenues for 2013 were $2.5M (guidance $1.5 to 3M), $1.2M for 3Q13 and $1.3M for 4Q13; Company has increased 2014 Abstral projections from $8-12M to $11-15M; our model is on the conservative side, $10-12M

- NEUVAX: Phase 3 (PRESENT trial) for breast cancer recurrence - 700 patient enrollment expected to complete in 2014; interim analysis at 70 events expected later in 2014; Phase 2b NeuVax plus Herceptin trial will also complete enrollment in 2014

- GALE-301: Folate binding protein (FBP) vaccine initiated Phase 2 study to prevent recurrence in high risk ovarian cancer patients; Phase 1 top-line results presented in 2013, detailed results of Phase 1 will be presented in 2014

- GALE-401 acquisition: controlled release Anagrelide with improved pk metrics will be developed under 505b2 path for essential thrombocythemia (ET) with Anagrelide-IR as reference drug; Phase 2 to begin mid 2014; US sales potential of $150 to $200M