logo  
Sign in or Register

Already a member?

Sign in

Or sign in with your account on:

Not a member yet?

Register
    

Galena Biopharma (GALE) Plunges as Concerns over Scandal Continue

By  +Follow February 14, 2014 5:26AM
Share:
Tickers Mentioned:

Share in Galena Biopharma (GALE) plunged nearly 25 percent to begin trading Friday on heavy volume as the fallout from the company’s stock promotion scandal appears to continue. The sell-off appeared to break through a major technical barrier that had developed in recent months, causing the drop to pick up steam as the morning wore on.

GALE Hammered Again on Heavy Volume

Shares of Galena were moving fast on Friday morning as the stock went into freefall soon after the opening bell. Without any specific news appearing to drive the drop, the sell-off appears to be motivated by speculators, residual negative sentiment from Wednesday’s revelations that the company was paying a marketing firm to pump its stock, or some combination of both.

The fall paused briefly at 10 am after the stock reached $4 a share, a price that had been acting as a support level since mid-December. However, after circling the drain for about 15 minutes, the selling resumed and Galena appeared to break through said support level firmly. Shares then kept falling, reaching $3.30 a share before starting to bounce back just after 11 am.

Pipeline Must Produce

The good news for Galena investors is that the company currently has what appears to be a robust product pipeline in place. Oral pain treatment Abstral has already been approved for use in the market and was officially launched in October. However, some Galena shorts estimate that the drug’s 5 percent market share will ultimately only net $20 million to $30 million for Galena.

Meanwhile, the company also has three different drugs currently in various stages of development: NeuVax, GALE-401, and GALE-301, a Folate Binding Protein vaccine for ovarian and endometrial cancer patients. NeuVax is currently in two separate trials to test its efficacy in treating breast cancer (one is testing the drug in combination with Herceptin), with a third trial in planning to test its effect on gastric cancer patients.

Galena’s website describes NeuVax as follows: “NeuVax consists of the E75 peptide derived from HER2 combined with the immune adjuvant granulocyte macrophage colony stimulating factor (GM-CSF).  Treatment with NeuVax stimulates cytotoxic (CD8+) T cells in a highly specific manner to target cells expressing any level of HER2.  NeuVax is given as an intradermal injection once a month for six months, followed by a booster injection once every six months.”

Herceptin, which is only available as a treatment to a quarter of women affected by breast cancer, had revenues of $5 billion in 2010, giving Galena hope that sunnier days are around the corner. However, the recent revelations of stock promotion may place extra pressure on future clinical results for the company.

Noble Financial’s Endorsement Not a Timely One

The plummeting share price for Galena comes just two weeks after Noble Financial reiterated its buy rating on the stock and raised the price target from $4 to $6 a share.

“With improved pk metrics GALE-401 may be more effective without the tolerability/safety issues of Anagrelide-IR; could capture larger market share over HU; US sales potential of $150 to $200M; 8K new cases of ET each year and 80-100K prevalence in US ... Company has discussed with FDA, GALE-401 will be developed under 505b2 path for ET with Anagrelide-IR as reference drug; Phase 2 studies to begin shortly; could be on the market late 2017 or early 2018,” Analyst Rahul Jasuja noted.

Analysts have been kind to Galena in 2014, with two other analysts weighing in on Tuesday, Jan. 21. Maxim Group rated the stock a buy and raised its price target from $9 to $11, while Needham & Company increased their own price target to $9 a share. That makes five different research analysts rating the stock a buy, and the average price target for the company is $7.64 a share.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.


Liked What You Read? Join Equities.com as a contributor and get eyeballs on your content FOR FREE!

Results for GALE
Stock Rocket
29 Jan 15 15:20:10
Today's Mid-Day Penny Stock Pick On $ETBI gained 23.27% for us! Big News: http://t.co/HCG2IUhNyd $ETEK $GALE $RSOL
PennyStocker
29 Jan 15 13:19:58
Wow the last pick from http://t.co/p3LC54YE49 popped over 450%. Nice for being free. $GALE $NTEK $AG $VIP
Stock Rocket
29 Jan 15 11:16:18
Our Picks Gained 117% In 3 Days And We Just Released A New Mid-Day Pick On $ETBI! Big News: http://t.co/Ita48Yhgrr $ETEK $GALE $RSOL
Chet Stedman
29 Jan 15 11:00:33
RT @dcamtrades: @ChetStedman5 Eat $KALE to $GALE
DCam
29 Jan 15 11:00:20
@ChetStedman5 Eat $KALE to $GALE
DCam
29 Jan 15 10:59:24
@ChetStedman5 Hey I'm long 205's! Can you $GALE more often?
Chet Stedman
29 Jan 15 10:43:02
Geez....market is red....I go to take a $GALE , come back to my computer and we are up 12 handles on the $ES_F... cray cray
Wall Street
29 Jan 15 08:42:16
Article about a new type of penny stock website. http://t.co/JNK4kapBq0 $FCEL $MJNA $GALE $CXMSF $OIBR $ALXA $XOMA $ACOL
HedgeChatter
29 Jan 15 06:43:46
$GALE Download the Case Study on Stock Price Manipulation Detection using Social Media http://t.co/knAtfiJjzx http://t.co/e0PeKaZULa
Stockaholics
29 Jan 15 06:02:13
Our Penny Stock Picks On $IJJP $TUNG & $QLTS Gained 117% In 3 Days! New Pick Coming: http://t.co/c7bXDM1sfp $ETEK $GALE $RSOL
Stock Rocket
28 Jan 15 21:23:40
Our Penny Stock Picks On $IJJP $TUNG & $QLTS Gained 117% In 3 Days! New Pick Coming: http://t.co/zlcsLOoyXX $ETEK $GALE $RSOL
PennyStocker
28 Jan 15 18:19:51
Wow the last pick from http://t.co/p3LC54YE49 popped over 450%. Nice for being free. $GALE $NTEK $AG $VIP
MAISA
28 Jan 15 18:10:07
$GALE_$1.65_President and Chief Executive Officer will present a corporate update at the 17th Annual BIO CEO & Investor Conference.
Stockaholics
28 Jan 15 15:28:04
Our Penny Stock Picks On $IJJP $TUNG & $QLTS Gained 117% In 3 Days! New Pick Coming: http://t.co/c7bXDM1sfp $ETEK $GALE $RSOL
Stock Rocket
28 Jan 15 13:27:05
Our Penny Stock Picks On $IJJP And $TUNG Gained A Combined 100% Mid-Day Today! Huge News: http://t.co/pFkAyf90sZ $ETEK $GALE $RSOL
Stocks News&Markets
28 Jan 15 12:20:38
Nate made $932 on $GALE -Check it out! http://t.co/mrWHRdUrsU Learn #howtotrade http://t.co/axK8SMSgo9 $ATOS $ANFI $ZAZA $VII $GULTU
Analyst Ratings
28 Jan 15 10:48:03
Want the latest analyst ratings on $CZR $GALE $SSH $REGI $GWRE? Get Them Delivered to Your Inbox http://t.co/nSJuDtP5Bv
PennyStocker
28 Jan 15 09:50:57
Wow the last pick from http://t.co/p3LC54YE49 popped over 450%. Nice for being free. $GALE $NTEK $AG $VIP
Trader News Daily
28 Jan 15 07:57:45
Wow http://t.co/PeRPkZkWiw just posted last weeks results. +429%. Crazy. They offer a free trial too. $BSBR $ARIA $GALE $NBG $MHR
Stockaholics
28 Jan 15 05:16:27
Our Penny Stock Alert On $QLTS Has Gained 34.62% In The Past 2 Days! Special Update: http://t.co/MNFk4FhSe1 $ETEK $GALE $RSOL
Penny Stock Secret
28 Jan 15 05:15:21
This Man Turned $100 Into Over $10,000 In Just 30 Days! Proof Here http://t.co/SVqoMlijqL .. $ETEK $GALE $RSOL
Dave Neville
28 Jan 15 04:44:18
Galena Biopharma To Present At The 17th Annual BIO CEO & Investor Conference http://t.co/PshLPL8iGF via @TheStreet $GALE
Breaking News
28 Jan 15 04:08:50
$GALE Galena Biopharma to Present at the 17th Annual BIO CEO & Investor Conference http://t.co/BkbIxcNvGb
$Stocknewsalerts
28 Jan 15 04:07:24
$GALE Galena Biopharma to Present at the 17th Annual BIO CEO & Investor Conference From our Stock News Alerts App
StockNews
28 Jan 15 04:07:18
$GALE - Galena Biopharma to Present at the 17th Annual BIO CEO & Investor Conference http://t.co/ugkfI9UuhJ
Stocks News&Markets
28 Jan 15 04:07:16
$GALE - Galena Biopharma to Present at the 17th Annual BIO CEO & Investor Conference http://t.co/G9ab2TZZSA
NASDAQ
28 Jan 15 04:07:04
$GALE - Galena Biopharma to Present at the 17th Annual BIO CEO & Investor Conference http://t.co/blTxWusik6
Stockaholics
27 Jan 15 22:28:05
Our Penny Stock Alert On $QLTS Has Gained 34.62% In The Past 2 Days! Special Update: http://t.co/MNFk4FhSe1 $ETEK $GALE $RSOL
clayton
27 Jan 15 18:56:52
Stocks Trending Now: http://t.co/2RP342qvZt $PFD $GALE $TRXD $SWCKF $TCPS $QNTO $VIRC $TSCRF $NLPXF $RUBSF $PNCKF $TCEGF ~
Stock Rocket
27 Jan 15 18:14:29
Our Penny Stock Alert On $QLTS Has Gained 34.62% In The Past 2 Days! Special Update: http://t.co/SK1yaqFkM1 $ETEK $GALE $RSOL
Stockaholics
27 Jan 15 13:43:49
Our Penny Stock Picks Gained 968% In 5 Weeks! Get Our Next Pick Early: http://t.co/yQwzgQ7fmA $ETEK $GALE $RSOL
Phil Martin
27 Jan 15 13:11:50
$GALE http://t.co/42sRPZTwuU
Trader News Daily
27 Jan 15 11:06:41
Wow http://t.co/PeRPkZkWiw just posted last weeks results. +429%. Crazy. They offer a free trial too. $BSBR $ARIA $GALE $NBG $MHR
Stockaholics
27 Jan 15 10:03:21
Our Penny Stock Picks Gained 968% In 5 Weeks! Get Our Next Pick Early: http://t.co/yQwzgQ7fmA $ETEK $GALE $RSOL
PennyStocker
27 Jan 15 09:32:07
Wow the last pick from http://t.co/p3LC54YE49 popped over 450%. Nice for being free. $GALE $NTEK $AG $VIP
Stock Rocket
27 Jan 15 06:14:18
Our Penny Stock Picks Gained 968% In 5 Weeks! Get Our Next Pick Early: http://t.co/wMEn6i1tkM $ETEK $GALE $RSOL
simon hvalec
27 Jan 15 06:12:12
$GALE the only way is up from here, no other option, holding
Penny Stock Secret
27 Jan 15 05:20:04
This Guy Turned $100 into over $10,000 In Just 30 Days! http://t.co/vezCDY95do .. $ETEK $GALE $RSOL
Stockaholics
26 Jan 15 22:00:11
Our Penny Stock Picks Gained 968% In 5 Weeks! Get Our Next Pick Early: http://t.co/yQwzgQ7fmA $ETEK $GALE $RSOL
Ryan
26 Jan 15 20:54:34
$GALE on watch
Guillermo
26 Jan 15 19:44:20
me gusta $STEM tomorrow. $STRI $VRNG $GALE $BHRT this week and $HEB on watch. Based strictly on charts @_BroMontana .
Stock Rocket
26 Jan 15 14:00:04
Thanks to the 5 pro traders at http://t.co/5jbX6mNKQv for an amazing week! My win rate was 80%. So sweet. $AXAS $GALE $FNFG $BLDP
Trader News Daily
26 Jan 15 12:49:19
Wow http://t.co/PeRPkZkWiw just posted last weeks results. +429%. Crazy. They offer a free trial too. $BSBR $ARIA $GALE $NBG $MHR
Trader News Daily
26 Jan 15 08:14:39
Wow http://t.co/PeRPkZkWiw just posted last weeks results. +429%. Crazy. They offer a free trial too. $BSBR $ARIA $GALE $NBG $MHR
Penny Stock Secret
26 Jan 15 05:27:53
This Guy Turned $100 into over $10,000 In Just 30 Days! http://t.co/vezCDY95do .. $GALE $PRQR $ERS
StockNewsWires
26 Jan 15 00:41:03
$AKS $GALE: Best Stocks: Summit Midstream Partners, LP (NYSE:SMLP), AK ...: http://t.co/YeV1xUxMoX
Investors Hangout
26 Jan 15 00:04:19
Stocks Trending Now: http://t.co/oFJbweffVo $BION $NNDIF $BLKPF $GALE $WLSI $AAPH $APLVF $CTPZY $SGTPY $CNA $IOMT $ATLO ~
TickerChirp
25 Jan 15 23:27:54
Hot Tweets Related to $GALE (Galena Biopharma Inc symbol GALE) on 01/26/2015 http://t.co/dZr1skI4cS
Stock Forums
25 Jan 15 20:22:22
Stocks Trending Now: http://t.co/xlkSfYZDus $XOM $LTHUQ $GALE $LUPAY $GCH $FCBE $CNS $SRGE $KRBF $FOJCF $PVNC $BPPUF ~
Wall Street
25 Jan 15 17:03:15
http://t.co/J58EN3ymNl has the most reliable picks in the market. The move fast and never fail. $EOX $RNN $GALE $MONIF $SVM $LBSR
				
				
By  +Follow February 14, 2014 5:26AM
Share:

Comments

 

blog comments powered by Disqus

About us

Equities.com is the most advanced interactive online social ecosystem for the financial industry, serving as a resource center and next-generation communication platform that connects self-directed investors with public issuers, market experts, and professional service providers and vendors. Registered members can leverage our exclusive proprietary research tools such as the Small-Cap Stars, which outperformed 90% of all small-cap mutual funds, and robust do-it-yourself E.V.A. research reports. The Equities.com Issuer Dashboard is the ideal tool to communicate and manage investor awareness campaigns to the investment community, as well as to access valuable resources to help your company grow.

Market Data powered by QuoteMedia.
Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. Terms of Use.