Galera Therapeutics upgraded to Buy from Underperform at BofA

BofA analyst Tazeen Ahmad upgraded Galera Therapeutics to Buy from Underperform with a price target of $7, up from $2. Galera on Wednesday announced that the FDA accepted for filing and granted priority review to the New Drug Application for avasopasem manganese for radiotherapy-induced severe oral mucositis in patients with head and neck cancer undergoing standard-of-care treatment, and announced a $30M follow-on raise. BofA thinks the weakness in shares is likely due to the dilution impact from the capital raise and the Street’s underappreciation of the market opportunity in SOM, as well as lingering concerns about the commercial execution risk and liquidity, and views the weakness as a buying opportunity, the analyst tells investors in a research note.