Galena Biopharma Inc (NASDAQ:GALE) shares were up more than 19% on Tuesday to $2.16, nearing the top of its 52-week range at $2.39.
Galena Biopharma Inc (NASDAQ:GALE) reported earnings per share of -$0.09 versus analysts estimates at -$0.06 at zero revenues. The company is focused on developing and commercializing targeted oncology therapeutics that address unmet medical needs.
According to its President and CEO Mark Schwartz, Galena Biopharma was able to achieve a significant milestone during the first quarter of the year by reaching the 70th qualifying disease free survival event in their Phase 3 PRESENT clinical trial for the NeuVax program. Moving forward, the company’s clinical team is already in the process of compiling the data for review by the Independent Data Safety Monitoring Committee.
Schwartz added that Galena Biopharma is also working on two active breast cancer combination trials and are expanding outside of breast to gastric cancer. Aside from that, they also plan on broadening the development footprint for NeuVax into primary prevention with an immunology trial this quarter.
Keep in mind that Galena Biopharma has recently added Mary Ann Gray, Ph.D. to their Board of Directors, positive that her strong scientific and financial background can provide valuable insight and perspective to corporate management.
Analysts have set a price target of $5 for Galena Biopharma. Recent reports are showing that the company has received fast track designation for NeuVax, which addresses the treatment of patients with early stage, node positive breast cancer with low to intermediate HER2 expression. This designation by the FDA suggests that NeuVax is a potential treatment option for an unmet medical need of serious medical conditions.
Schwartz mentioned that the number of breast cancer patients in the US is expected to increase by 31% to almost 19 million by 2024, underscoring the urgent need to prevent recurrence for women who have completed the standard care but are able to undergo limited therapy.
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