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Galena Biopharma (NASDAQ:GALE)‘s stock had its “positive” rating reissued by MLV & Co
in a research note issued on Wednesday.

The analysts wrote, “We believe the negative reaction to Galena Biopharma’s (GALE) disclosure of its CEO’s resignation, on 8/21, is now priced into the stock. While we still await results from GALE’s internal inquiry into third-party stock promotion and potential insider trading, we believe the stock, which is still down 56% YTD, is attractive for speculative investors tolerant of volatility. “We acknowledge that risk exists in the form of potentially negative outcomes from the ongoing SEC investigation and ongoing class action lawsuits. However, we are focused on continued operational progress, as well as completion of the PRESENT Ph 3 study with NeuVax in breast cancer, as the primary driver of stock appreciation. We made changes in our models and maintain our Buy rating, but lower our PT to $3, from $5. As we believe GALE will be capital-constrained near term, unlike consensus, we now look for NeuVax to be partnered ($12MM upfront in 2015).”

Other equities research analysts have also recently issued reports about the stock. Analysts at Roth Capital reiterated a “buy” rating on shares of Galena Biopharma in a research note on Thursday, August 21st. 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 investment analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $6.75.

Galena Biopharma (NASDAQ:GALE) opened at 2.34 on Wednesday. Galena Biopharma has a 1-year low of $1.66 and a 1-year high of $7.77. The stock’s 50-day moving average is $2.73 and its 200-day moving average is $2.81. The company’s market cap is $276.6 million.

Galena Biopharma (NASDAQ:GALE) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.17) EPS for the quarter, missing the Thomson Reuters 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 EPS 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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