The Galena Biopharma Inc. (GALE) Receives $2.62 Consensus Target Price from Analysts

The Galena Biopharma Inc. (GALE) Receives $2.62 Consensus Target Price from Analysts

Galena Biopharma Inc. (NASDAQ:GALE) has been assigned a consensus recommendation of “Buy” from the nine ratings firms that are presently covering the firm. Three equities research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $2.62.

A number of equities research analysts have issued reports on GALE shares. Maxim Group decreased their target price on Galena Biopharma from $2.00 to $1.00 and set a “buy” rating for the company in a research report on Wednesday, August 10th. FBR & Co reaffirmed an “outperform” rating and set a $2.00 target price on shares of Galena Biopharma in a research report on Tuesday, August 16th. Zacks Investment Research cut Galena Biopharma from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 30th. Finally, S&P Equity Research reduced their price objective on Galena Biopharma from $0.39 to $0.34 in a research report on Tuesday, September 20th.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp raised its position in shares of 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 last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Galena Biopharma by 5.9% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 4,398,909 shares of the biotechnology company’s stock worth $1,541,000 after buying an additional 246,804 shares during the last quarter. Vanguard Group Inc. raised its position 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 last quarter. Northern Trust Corp raised its position in shares of Galena Biopharma by 6.9% in the third quarter. Northern Trust Corp now owns 2,041,633 shares of the biotechnology company’s stock worth $715,000 after buying an additional 131,185 shares during the last quarter. Finally, California State Teachers Retirement System raised its position in shares of Galena Biopharma by 15.1% in the third quarter. California State Teachers Retirement System now owns 442,650 shares of the biotechnology company’s stock worth $155,000 after buying an additional 58,100 shares during the last quarter.

Galena Biopharma (NASDAQ:GALE) opened at 3.54 on Wednesday. The stock’s 50 day moving average is $1.10 and its 200 day moving average is $0.95. Galena Biopharma has a one year low of $3.15 and a one year high of $49.80. The firm’s market cap is $38.41 million.

Galena Biopharma (NASDAQ:GALE) last announced its earnings results on Wednesday, November 9th. The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.03. On average, equities research analysts expect that Galena Biopharma will post ($2.70) earnings per share for the current year.

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