Zacks Investment Research Upgrades Galena Biopharma Inc (GALE) to Strong-Buy
Galena Biopharma Inc (NASDAQ:GALE) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Monday. The firm presently has a $0.75 target price on the biotechnology company’s stock. Zacks Investment Research’s price target indicates a potential upside of 19.39% from the company’s previous close.
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. “
A number of other brokerages have also recently issued reports on GALE. Maxim Group cut Galena Biopharma from a “buy” rating to a “hold” rating in a report on Thursday, February 2nd. FBR & Co restated an “outperform” rating and issued a $11.00 price target on shares of Galena Biopharma in a report on Thursday, January 5th. Four research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $2.93.
Shares of Galena Biopharma (NASDAQ:GALE) traded up 0.4638% during trading on Monday, hitting $0.6282. 2,821,941 shares of the stock were exchanged. The stock’s 50 day moving average price is $0.86 and its 200 day moving average price is $1.21. Galena Biopharma has a one year low of $0.53 and a one year high of $49.80. The stock’s market cap is $6.82 million.
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In other Galena Biopharma news, major shareholder Hudson Bay Capital Management sold 2,363,441 shares of the company’s stock in a transaction that occurred on Wednesday, February 8th. The stock was sold at an average price of $0.84, for a total value of $1,985,290.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.02% of the stock is owned by corporate insiders.
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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