Galena Biopharma Inc. (GALE) Sees Large Increase in Short Interest
Galena Biopharma Inc. (NASDAQ:GALE) was the recipient of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 20,033,757 shares, an increase of 8.0% from the September 15th total of 18,553,287 shares. Based on an average daily volume of 4,152,431 shares, the days-to-cover ratio is currently 4.8 days. Approximately 9.4% of the shares of the company are short sold.
Several hedge funds have recently added to or reduced their stakes in the company. State Street Corp increased its stake in Galena Biopharma by 14.7% in the second quarter. State Street Corp now owns 2,753,970 shares of the biotechnology company’s stock valued at $1,284,000 after buying an additional 352,324 shares during the period. 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 valued at $131,000 after buying an additional 22,170 shares during the period. BlackRock Fund Advisors increased its stake in Galena Biopharma by 0.9% in the second quarter. BlackRock Fund Advisors now owns 4,766,441 shares of the biotechnology company’s stock valued at $2,222,000 after buying an additional 42,824 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 valued at $329,000 after buying an additional 45,237 shares during the period. Finally, Vanguard Group Inc. increased its stake in Galena Biopharma by 2.3% in the second quarter. Vanguard Group Inc. now owns 6,898,520 shares of the biotechnology company’s stock valued at $3,215,000 after buying an additional 153,637 shares during the period. Institutional investors own 14.42% of the company’s stock.
Several brokerages recently weighed in on GALE. FBR & Co reaffirmed an “outperform” rating and set a $2.00 price target on shares of Galena Biopharma in a report on Thursday. Zacks Investment Research downgraded Galena Biopharma from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 30th. Maxim Group set a $1.00 price target on Galena Biopharma and gave the stock a “buy” rating in a report on Monday. Raymond James Financial Inc. downgraded Galena Biopharma from an “outperform” rating to a “market perform” rating in a report on Wednesday, June 29th. Finally, Noble Financial downgraded Galena Biopharma from a “buy” rating to a “hold” rating in a report on Wednesday, June 29th. Three analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target of $2.26.
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Shares of Galena Biopharma (NASDAQ:GALE) opened at 0.2774 on Friday. The company’s market capitalization is $59.35 million. The stock has a 50 day moving average price of $0.35 and a 200-day moving average price of $0.99. Galena Biopharma has a one year low of $0.26 and a one year 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, topping the consensus estimate of ($0.06) by $0.11. During the same period last year, the business earned ($0.10) earnings per share. Equities research analysts predict that Galena Biopharma will post ($0.12) earnings per share for the current fiscal year.
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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