PT hike an excuse to take profits in Galena

|About: Galena Biopharma, Inc. (GALE)|By:, SA News Editor

"We believe Galena (GALE -10%) is rapidly transforming itself into a multi-product oncology-focused company," says Needham analyst Chad Messer, reiterating his Buy rating and lifting the price target to $9 from $3.50.

"Since the beginning of the year the company had initiated a Phase II program for its ovarian cancer vaccine GALE-301, signed an agreement with Dr. Reddy's to fund development of lead drug NeuVax in gastric cancer, and acquired a Phase II ready specialty pharma product for essential thrombocytopenia (ET.) All of this progress comes on the heels of a successful Q4 launch of Galen'a first commercial product, Abstral."