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Galena Biopharma (NASDAQ:GALE) shares were down 9.2% on Tuesday after the company announced weaker than expected quarterly earnings, StockRatingsNetwork.com reports. The stock traded as low as $2.57 and last traded at $2.78, with a volume of 2,204,525 shares traded. The stock had previously closed at $3.06.

The company reported ($0.17) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.09) by $0.08. The company had revenue of $2.30 million for the quarter, compared to the consensus estimate of $2.99 million.

A number of analysts have recently weighed in on GALE shares. Analysts at Needham & Company LLC cut their price target on shares of Galena Biopharma from $9.00 to $7.00 in a research note on Tuesday. They now have a “buy” rating on the stock. Analysts at Roth Capital raised their price target on shares of Galena Biopharma to $8.00 in a research note on Tuesday, July 22nd. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average target price of $6.67.

The stock has a 50-day moving average of $2.93 and a 200-day moving average of $3.01. The company’s market cap is $325.7 million.

Galena Biopharma, Inc (NASDAQ:GALE), formerly RXi Pharmaceuticals Corporation, incorporated on April 3, 2006, is a biotechnology company focused on discovering, developing and commercializing therapies addressing unmet medical needs using targeted biotherapeutics.

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