Zacks Investment Research upgraded shares of Galena Biopharma Inc. (NASDAQ:GALE) from a hold rating to a strong-buy rating in a research note published on Tuesday morning. Zacks Investment Research currently has $0.25 price objective 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 analysts have also recently commented on the company. S&P Equity Research decreased their target price on Galena Biopharma from $0.61 to $0.50 in a research report on Friday, July 1st. Maxim Group set a $1.00 price objective on Galena Biopharma and gave the company a buy rating in a research report on Monday. FBR & Co reissued a buy rating on shares of Galena Biopharma in a research report on Thursday, June 30th. Noble Financial lowered Galena Biopharma from a buy rating to a hold rating in a report on Wednesday, June 29th. Finally, Raymond James Financial Inc. lowered Galena Biopharma from an outperform rating to a market perform rating in a report on Wednesday, June 29th. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $2.26.

Analyst Recommendations for Galena Biopharma (NASDAQ:GALE)

Galena Biopharma (NASDAQ:GALE) opened at 0.2878 on Tuesday. The stock’s market cap is $61.58 million. Galena Biopharma has a 52 week low of $0.28 and a 52 week high of $2.49. The stock has a 50 day moving average price of $0.36 and a 200 day moving average price of $1.00.

Galena Biopharma (NASDAQ:GALE) last issued its quarterly earnings results on Tuesday, August 9th. The biotechnology company reported $0.05 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.11. During the same period last year, the firm earned ($0.10) EPS. On average, equities analysts predict that Galena Biopharma will post ($0.12) earnings per share for the current year.

Several hedge funds have recently bought and sold shares of the company. Teachers Advisors Inc. raised 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 worth $131,000 after buying an additional 22,170 shares in the last quarter. Bank of New York Mellon Corp raised its position 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. BlackRock Investment Management LLC raised its position 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. Geode Capital Management LLC raised its position 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. Finally, State Street Corp raised its position 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. 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.

5 Day Chart for NASDAQ:GALE

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