Zacks Investment Research upgraded shares of Galena Biopharma Inc. (NASDAQ:GALE) from a hold rating to a strong-buy rating in a research report report published on Tuesday. The firm currently has $0.25 price target on the biotechnology company’s stock.
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. “
Several other research analysts have also commented on GALE. FBR & Co reiterated an outperform rating and set a $5.00 price target on shares of Galena Biopharma in a report on Tuesday, June 14th. Raymond James Financial Inc. lowered Galena Biopharma from an outperform rating to a market perform rating in a report on Wednesday, June 29th. Noble Financial lowered Galena Biopharma from a buy rating to a hold rating in a report on Wednesday, June 29th. S&P Equity Research reduced their price target on Galena Biopharma from $0.61 to $0.50 in a report on Friday, July 1st. Finally, Maxim Group set a $1.00 price target on Galena Biopharma and gave the stock a buy rating in a report on Monday. Three equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and an average price target of $2.26.
Galena Biopharma (NASDAQ:GALE) opened at 0.2774 on Tuesday. Galena Biopharma has a one year low of $0.26 and a one year high of $2.49. The company’s market capitalization is $59.35 million. The firm’s 50-day moving average is $0.35 and its 200 day moving average is $0.99.
Galena Biopharma (NASDAQ:GALE) last announced its earnings results on Tuesday, August 9th. The biotechnology company reported $0.05 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.11. During the same quarter last year, the firm posted ($0.10) EPS. On average, equities analysts expect that Galena Biopharma will post ($0.12) EPS for the current fiscal year.
Hedge funds have recently modified their holdings of the company. State Street Corp raised its stake in shares of 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. Geode Capital Management LLC raised its stake in shares of 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. Bank of New York Mellon Corp raised its stake in shares of 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. Vanguard Group Inc. raised its stake in shares of Galena Biopharma by 2.3% in the second quarter. Vanguard Group Inc. now owns 6,898,520 shares of the biotechnology company’s stock worth $3,215,000 after buying an additional 153,637 shares during the period. Finally, BlackRock Investment Management LLC raised its stake in shares of 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. Institutional investors own 14.42% of the company’s stock.
About Galena Biopharma
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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