Galena Biopharma jumps on Oppenheimer initiation seeing 63% upside

Shares of Galena Biopharma (GALE +9%) jump after Oppenheimer initiates the oncology-focused biotech at Outperform with a PT of $6.

The firm's target implies an upside of 63% from yesterday's close.

Analyst Boris Peaker thinks shares could reach $6 in the next 12-18 months. NeuVax's reported Phase I and II data is "encouraging," as is the ~$5B global commercial opportunity for the drug.

Peaker places a $6 valuation on NeuVax alone and sees Abstral's "good traction in the initial stages of launch" as added value, given that "it is a competitive fentanyl formulation and will find a clear niche in the market."

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