Trading Report: Today: Galena Biopharma Inc. (GALE) Raised to Strong-Buy at Zacks Investment Research

Today: Galena Biopharma Inc. (GALE) Raised to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Galena Biopharma Inc. (NASDAQ:GALE) from a hold rating to a strong-buy rating in a research report released on Tuesday. The firm currently has $0.25 target price 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 equities research analysts have also recently issued reports on GALE. FBR & Co reissued an outperform rating and set a $5.00 target price on shares of Galena Biopharma in a research note on Tuesday, June 14th. Raymond James Financial Inc. cut Galena Biopharma from an outperform rating to a market perform rating in a research note on Wednesday, June 29th. Noble Financial cut Galena Biopharma from a buy rating to a hold rating in a research note on Wednesday, June 29th. S&P Equity Research cut their target price on Galena Biopharma from $0.61 to $0.50 in a research note on Friday, July 1st. Finally, Maxim Group reissued a buy rating and set a $2.00 target price (down previously from $4.00) on shares of Galena Biopharma in a research note on Monday, July 11th. Three research 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 stock. The stock presently has an average rating of Buy and an average target price of $2.26.

Shares of Galena Biopharma (NASDAQ:GALE) opened at 0.28 on Tuesday. The company’s 50 day moving average price is $0.35 and its 200-day moving average price is $0.98. Galena Biopharma has a 52 week low of $0.26 and a 52 week high of $2.49. The stock’s market capitalization is $59.91 million.

Galena Biopharma (NASDAQ:GALE) last posted 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 period last year, the firm posted ($0.10) EPS. Equities research analysts predict that Galena Biopharma will post ($0.12) EPS for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. State Street Corp raised its position 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 worth $1,284,000 after buying an additional 352,324 shares during the period. Teachers Advisors Inc. raised its position 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. BlackRock Fund Advisors raised its position 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 worth $2,222,000 after buying an additional 42,824 shares during the period. BlackRock Investment Management LLC raised 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 worth $329,000 after buying an additional 45,237 shares during the period. Finally, Vanguard Group Inc. raised its position 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 worth $3,215,000 after buying an additional 153,637 shares during the period. Hedge funds and other institutional investors 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.

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