Galena Biopharma Inc. (GALE) Upgraded by Zacks Investment Research to “Strong-Buy”
Galena Biopharma Inc. (NASDAQ:GALE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday. The firm presently has a $0.25 target price on the biotechnology company’s stock. Zacks Investment Research’s price objective would indicate a potential downside of 13.13% from the stock’s current price.
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. “
A number of other research analysts also recently issued reports on GALE. FBR & Co reaffirmed an “outperform” rating and issued a $5.00 price objective on shares of Galena Biopharma in a research report on Tuesday, June 14th. Raymond James Financial Inc. downgraded shares of Galena Biopharma from an “outperform” rating to a “market perform” rating in a research report on Wednesday, June 29th. Noble Financial downgraded shares of Galena Biopharma from a “buy” rating to a “hold” rating in a research report on Wednesday, June 29th. S&P Equity Research dropped their target price on shares of Galena Biopharma from $0.61 to $0.50 in a research report on Friday, July 1st. Finally, Maxim Group set a $1.00 target price on shares of Galena Biopharma and gave the stock a “buy” rating in a research report on Monday. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. Galena Biopharma presently has a consensus rating of “Buy” and a consensus price target of $2.26.
This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/10/11/galena-biopharma-inc-gale-upgraded-by-zacks-investment-research-to-strong-buy.html
Shares of Galena Biopharma (NASDAQ:GALE) traded down 4.8909% during mid-day trading on Tuesday, hitting $0.2878. 4,755,680 shares of the stock were exchanged. Galena Biopharma has a 52-week low of $0.28 and a 52-week high of $2.49. The company’s market cap is $61.58 million. The stock’s 50-day moving average price is $0.36 and its 200-day moving average price is $1.00.
Galena Biopharma (NASDAQ:GALE) last issued its quarterly earnings data on Tuesday, August 9th. The biotechnology company reported $0.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.11. During the same quarter in the previous year, the company posted ($0.10) earnings per share. Equities research analysts anticipate that Galena Biopharma will post ($0.12) earnings per share for the current fiscal year.
Hedge funds have recently made changes to their positions in the stock. Teachers Advisors Inc. boosted its stake in shares of Galena Biopharma by 8.5% in the second quarter. Teachers Advisors Inc. now owns 281,597 shares of the biotechnology company’s stock valued at $131,000 after buying an additional 22,170 shares during the last quarter. Bank of New York Mellon Corp boosted its position 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 valued at $303,000 after buying an additional 32,290 shares in the last quarter. BlackRock Investment Management LLC boosted its position 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 valued at $329,000 after buying an additional 45,237 shares in the last quarter. Geode Capital Management LLC boosted its position 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 valued at $1,669,000 after buying an additional 123,736 shares in the last quarter. Finally, State Street Corp boosted its position 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 valued at $3,265,000 after buying an additional 40,524 shares in the last quarter. Institutional investors and hedge funds own 14.42% of the company’s stock.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Galena Biopharma Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Galena Biopharma Inc. and related companies with MarketBeat.com's FREE daily email newsletter.