Galena Biopharma Inc. (NASDAQ:GALE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Monday. The firm presently has a $4.00 target price on the biotechnology company’s stock. Zacks Investment Research’s price objective would suggest a potential upside of 8.99% from the stock’s current price.

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 commented on GALE. Maxim Group restated a “buy” rating and issued a $1.00 target price on shares of Galena Biopharma in a research note on Friday, November 11th. FBR & Co restated an “outperform” rating and issued a $2.00 target price on shares of Galena Biopharma in a research note on Thursday, October 13th. Finally, S&P Equity Research cut their target price on Galena Biopharma from $0.39 to $0.34 in a research note on Tuesday, September 20th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $2.73.

Analyst Recommendations for Galena Biopharma (NASDAQ:GALE)

Shares of Galena Biopharma (NASDAQ:GALE) opened at 3.67 on Monday. Galena Biopharma has a 52-week low of $0.17 and a 52-week high of $2.49. The company’s market capitalization is $796.46 million. The stock has a 50 day moving average price of $0.28 and a 200 day moving average price of $0.81.

Galena Biopharma (NASDAQ:GALE) last released its earnings results on Wednesday, November 9th. The biotechnology company reported ($0.02) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.03. On average, analysts predict that Galena Biopharma will post ($2.70) earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of GALE. Northern Trust Corp raised its position in 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. California State Teachers Retirement System raised its position in 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. BlackRock Institutional Trust Company N.A. raised its position in 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. BlackRock Investment Management LLC raised its position in Galena Biopharma by 0.4% in the third quarter. BlackRock Investment Management LLC now owns 708,015 shares of the biotechnology company’s stock worth $248,000 after buying an additional 3,060 shares during the last quarter. Finally, 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 last quarter. 15.02% of the stock is currently owned by institutional investors and hedge funds.

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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