Raymond James Downgrades Galena Biopharma Inc to Market Perform

Brokerage firm Raymond James Downgrades its rating on Galena Biopharma Inc(NASDAQ:GALE). The shares have been rated Market Perform. Previously, the analysts had a Outperform rating on the shares. The rating by Raymond James was issued on Jun 29, 2016.

Galena Biopharma Inc (GALE) made into the market gainers list on Fridays trading session with the shares advancing 32.48% or 0.1514 points. Due to strong positive momentum, the stock ended at $0.6175, which is also near the day’s high of $0.679. The stock began the session at $0.5028 and the volume stood at 5,32,80,844 shares. The 52-week high of the shares is $2.4901 and the 52 week low is $0.275. The company has a current market capitalization of $112 M and it has 18,18,37,120 shares in outstanding.

Galena Biopharma Inc(GALE) last announced its earnings results on May 10, 2016 for Fiscal Year 2016 and Q1.Earnings per share were $-0.07. Analysts had estimated an EPS of $-0.06.

Several Insider Transactions has been reported to the SEC. On Jun 7, 2016, Ryan Dunlap (Former Chief Financial Officer) sold 126,875 shares at $2.18 per share price.

Galena Biopharma Inc. is a biopharmaceutical company. The Company is focused on developing and commercializing targeted oncology therapeutics. Its development portfolio ranges from mid- to late-stage clinical assets including immunotherapy program led by its lead product NeuVax (nelipepimut-S) which is in Phase III clinical trial and is a targeted cancer immunotherapy. NeuVax is the immunodominant nonapeptide derived from the extracellular domain of the HER2 protein a target for therapeutic intervention in breast and gastric carcinomas. GALE-301 is an immunogenic peptide and can stimulate cytotoxic T lymphocytes to recognize and destroy Folate Binding Protein-expressing cancer cells. GALE-401 is a controlled release formulation of anagrelide. Its commercial drug Abstral (fentanyl) Sublingual Tablets is a treatment option for inadequately controlled breakthrough cancer pain.

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