Galena Biopharma Shares Down 2.3% on Analyst Downgrade (GALE)
Shares of Galena Biopharma (NASDAQ:GALE) were down 2.3% during mid-day trading on Friday after MLV & Co
lowered their price target on the stock from $5.00 to $3.50, Stock Ratings Network reports. MLV & Co
currently has a buy rating on the stock. Galena Biopharma traded as low as $2.12 and last traded at $2.15, with a volume of 2,336,624 shares trading hands. The stock had previously closed at $2.20.
GALE has been the subject of a number of other recent research reports. Analysts at Roth Capital reiterated a “buy” rating on shares of Galena Biopharma in a research note on Thursday. Separately, 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, August 12th. They now have a “buy” rating on the stock. One research analyst has rated the stock with a sell rating and six have given a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $6.10.
The stock has a 50-day moving average of $2.80 and a 200-day moving average of $2.88. The company’s market cap is $254.1 million.
Galena Biopharma (NASDAQ:GALE) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the 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. On average, analysts predict that Galena Biopharma will post $-0.41 earnings per share for the current fiscal year.
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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