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Stock analysts at MLV & Co
cut their price target on shares of Galena Biopharma (NASDAQ:GALE) to $3.50 in a report issued on Friday. The firm currently has a “buy” rating on the stock. MLV & Co
‘s price objective indicates a potential upside of 59.09% from the company’s current price.

A number of other firms have also recently commented on GALE. 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 equities research analyst has rated the stock with a sell rating and six have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $6.10.

Galena Biopharma (NASDAQ:GALE) opened at 2.20 on Friday. Galena Biopharma has a 1-year low of $1.66 and a 1-year high of $7.77. 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 $260.1 million.

Galena Biopharma (NASDAQ:GALE) last posted its quarterly earnings results on Monday, August 11th. 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. 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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