Galena Biopharma Inc. (GALE) Stock Rating Upgraded by Zacks Investment Research
Galena Biopharma Inc. (NASDAQ:GALE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday. The firm currently has a $0.25 price objective on the biotechnology company’s stock. Zacks Investment Research’s price target indicates a potential downside of 13.13% from the stock’s previous close.
According to Zacks, “Galena Biopharma, Inc. is a biopharmaceutical company that develops innovative, targeted oncology treatments that address major unmet medical needs to advance cancer care. Galena Biopharma, Inc., formally known as RXi Pharmaceuticals Corporation, is based in Portland, Oregon. “
Other analysts have also issued reports about the stock. FBR & Co reiterated an “outperform” rating and set a $5.00 target price on shares of Galena Biopharma in a research report on Tuesday, June 14th. Noble Financial lowered shares of Galena Biopharma from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. Raymond James Financial Inc. lowered shares of Galena Biopharma from an “outperform” rating to a “market perform” rating in a research report on Wednesday, June 29th. Maxim Group reduced their price target on shares of Galena Biopharma from $2.00 to $1.00 and set a “buy” rating on the stock in a research report on Wednesday, August 10th. Finally, S&P Equity Research reduced their price target on shares of Galena Biopharma from $0.61 to $0.50 in a research report on Friday, July 1st. Three investment analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $2.26.
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Galena Biopharma (NASDAQ:GALE) traded down 4.8909% on Tuesday, reaching $0.2878. 4,755,680 shares of the company’s stock traded hands. The firm’s 50 day moving average price is $0.36 and its 200 day moving average price is $1.00. The firm’s market capitalization is $61.58 million. Galena Biopharma has a 52-week low of $0.28 and a 52-week high of $2.49.
Galena Biopharma (NASDAQ:GALE) last issued its earnings results on Tuesday, August 9th. The biotechnology company reported $0.05 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.11. During the same quarter last year, the business earned ($0.10) EPS. On average, analysts predict that Galena Biopharma will post ($0.12) EPS for the current fiscal year.
Several large investors have recently bought and sold shares of the company. Teachers Advisors Inc. increased its stake in Galena Biopharma by 8.5% in the second quarter. Teachers Advisors Inc. now owns 281,597 shares of the biotechnology company’s stock worth $131,000 after buying an additional 22,170 shares during the period. Bank of New York Mellon Corp increased its stake in Galena Biopharma by 5.2% in the second quarter. Bank of New York Mellon Corp now owns 649,316 shares of the biotechnology company’s stock worth $303,000 after buying an additional 32,290 shares during the period. BlackRock Investment Management LLC increased its stake in Galena Biopharma by 6.9% in the second quarter. BlackRock Investment Management LLC now owns 704,955 shares of the biotechnology company’s stock worth $329,000 after buying an additional 45,237 shares during the period. Geode Capital Management LLC increased its stake in Galena Biopharma by 11.2% in the first quarter. Geode Capital Management LLC now owns 1,227,715 shares of the biotechnology company’s stock worth $1,669,000 after buying an additional 123,736 shares during the period. Finally, State Street Corp increased its stake in Galena Biopharma by 1.7% in the first quarter. State Street Corp now owns 2,401,646 shares of the biotechnology company’s stock worth $3,265,000 after buying an additional 40,524 shares during the period. 14.42% of the stock is owned by institutional investors and hedge funds.
Galena Biopharma Company Profile
Galena Biopharma, Inc is a biopharmaceutical company. The Company focuses on developing and commercializing targeted oncology therapeutics that address unmet medical needs. The Company’s development portfolio ranges from mid- to late-stage clinical assets, including cancer immunotherapy program led by NeuVax (nelipepimut-S), GALE-301 and GALE-302.
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