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Galena Biopharma (GALE) Plunges as Concerns over Scandal Continue

By  +Follow February 14, 2014 5:26AM
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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.

Results for GALE
PlungeProtectionTeam
20 Apr 14 14:06:56
RT @LifeSciencesMkt: Does Pfizer takeover bid for AstraZeneca mean the following were too expensive to buy? $PFE $AZN: $GALE $AMRN $PPHM $…
Stockaholics
20 Apr 14 13:10:19
Our Penny Stock Newsletter Picks, gained 5,000% in 4 months! Subscribe Today: http://t.co/5B5saivZk0 $ETEK $GALE $RSOL
LifeSciencesMkt
20 Apr 14 13:05:03
Does Pfizer takeover bid for AstraZeneca mean the following were too expensive to buy? $PFE $AZN: $GALE $AMRN $PPHM $ARWR <insert junk> =(
Cammie Filman
20 Apr 14 09:46:18
$GALE Lieff Cabraser Reminds G http://t.co/SpjgLsyqB2
Stockaholics
20 Apr 14 09:43:42
Our Penny Stock Newsletter Picks, gained 5,000% in 4 months! Subscribe Today: http://t.co/5B5saivZk0 $ETEK $GALE $RSOL
chartguy89
19 Apr 14 12:50:25
GALE 1.80 Stock Charts $GALE Galena Biopharma Inc. (NASDAQ) GALE Stock Chart - 1 Month http://bigcharts.market http://t.co/pUxpK7EIzS
Beating the Market
19 Apr 14 11:32:24
New post: $GALE http://t.co/5W5sLqW4qV
$Stocknewsalerts
19 Apr 14 09:10:41
$GALE Information for Galena Biopharma, Inc.
Stock Rocket
18 Apr 14 09:02:10
Join thousands of traders at #1 social trading site http://t.co/PeRPkYMi8s. Related: $HOV $VVUS $ORFG $GLUU $GSAT $GALE $PT $AXAS $OREX
Stock_Tracker
18 Apr 14 06:54:21
Galena Biopharma (GALE) 1.80 $GALE Hagens Berman: Galena Biopharma Investigation Proceeds in Light of May 5, 2 http://t.co/CX1CzRH82x
Crew Daily
18 Apr 14 05:53:18
$GALE Lieff Cabraser Reminds G http://t.co/uSCzWUfRoL
3LL
17 Apr 14 12:26:55
hadn't looked at $GALE in a long time, wow, I'm glad I never turned that chart on again #pumpanddump that said, let me get in next time fkrs
_tr8dr_
17 Apr 14 12:09:06
$GALE seems to hold it well at 1.8
Hosam
17 Apr 14 09:56:54
RT @BioBounce: but we all know the real poster child for BioMania - $GALE - this is actually a sad story for those who lost big http://t.co…
Alexander Morris
17 Apr 14 08:03:09
$GALE: 1mCrossSMA+ 1.85[13+10%Days], NearCl:BrkPHi+PLo[-2.8%], tf:3f, FirmTrnd-:+25%; TLM:0.8 (PotLONG); vl:8; rs:+5,
Roy Harris
17 Apr 14 05:54:45
Possible short term long positions for chart reversal,few close watches $PVCT $WPCS $GALE $FREE $MWIP $EONC $SGLB $VIMC $VEND $ZAAP
Gotham City Capital
17 Apr 14 01:26:45
RT @Drchik23: Meant to add the link.Here it is for short interest: http://t.co/vXYOUqmHUm $arna $mnkd $myg $arwr $gern $srpt $enta $zgnx $p…
Ticker Report
17 Apr 14 00:42:04
Galena Biopharma Sees Significant Growth in Short Interest $GALE http://t.co/rEQAuvZJ9U
Stock Herald
16 Apr 14 17:23:05
$GALE: Hagens Berman: Galena Biopharma Investigation Proceeds in Light of May... http://t.co/jfnXJlSZ9O
stocknews247
16 Apr 14 17:17:32
$GALE - Hagens Berman: Galena Biopharma Investigation Proceeds in Light of May... -> http://t.co/2JYbFnu9SH #stock #stocks #stockaction
VisualStock Resource
16 Apr 14 16:58:10
$GALE - Hagens Berman: Galena Biopharma Investigation Proceeds in Light of May 5, 2014 Lead Plaintiff Deadline http://t.co/rxHuA1kfkm
_tr8dr_
16 Apr 14 11:53:25
$GALE getting interesting now
StockTalk
16 Apr 14 11:53:21
$GALE inching
WallStreet
16 Apr 14 11:18:47
$GALE Galena Biopharma Inc (NASDAQ:GALE) Tumbling, The Problem Of Management Oversight? http://t.co/Hw5wDcwt7U
PsychSignal
16 Apr 14 11:02:13
200.0% increased bullish conversations in $GALE in the past 3 hours.
LifeSciencesMkt
16 Apr 14 10:29:54
Even "Unfrozen Caveman Lawyer" couldn't help $GALE at this point
Shane Blackmon
16 Apr 14 09:33:11
The shit biotechs starting to run lol $GALE $GERN $INO
Alexander Morris
16 Apr 14 08:03:55
$GALE: 3mCrossSMA- 1.73[16-10%Days], tf:03; TLM:1.0 (PotSHRT); vl:8; rs:+4,
Alexander Morris
16 Apr 14 06:49:46
$GALE: 1mCrossSMA- 1.74[16-10%Days], 0cNearLo, tf:1f; TLM:0.6 (PotSHRT); vl:8; rs:+4,
Colin Macleod
16 Apr 14 03:25:47
$GALE Lookin like a steal at this price
MadMoney2014
16 Apr 14 02:37:26
RT @fazoinnorcal: @DDRANTE nice bro- just thinking about re-entry into $GALE today if it gets to $1.50 check $PMRS for ur weed basket http:…
US Banking News
15 Apr 14 23:49:55
Short Interest in Galena Biopharma Expands By 8.1% $GALE http://t.co/FOcpCFfcLk
WKRB News
15 Apr 14 23:38:22
Short Interest in Galena Biopharma Expands By 8.1% $GALE http://t.co/rF0HCnlDKm
fazo
15 Apr 14 23:36:27
@DDRANTE nice bro- just thinking about re-entry into $GALE today if it gets to $1.50 check $PMRS for ur weed basket http://t.co/RAKwmEzXd9
Scott Thomas
15 Apr 14 23:14:28
RT @Drchik23: Meant to add the link.Here it is for short interest: http://t.co/vXYOUqmHUm $arna $mnkd $myg $arwr $gern $srpt $enta $zgnx $p…
Andrew Colburn
15 Apr 14 21:30:51
RT @Drchik23: Meant to add the link.Here it is for short interest: http://t.co/vXYOUqmHUm $arna $mnkd $myg $arwr $gern $srpt $enta $zgnx $p…
Joe
15 Apr 14 21:05:25
Meant to add the link.Here it is for short interest: http://t.co/vXYOUqmHUm $arna $mnkd $myg $arwr $gern $srpt $enta $zgnx $pdli $gale $xoma
Bob
15 Apr 14 17:07:26
RT @BioBounce: but we all know the real poster child for BioMania - $GALE - this is actually a sad story for those who lost big http://t.co…
Travis King
15 Apr 14 17:06:34
RT @BioBounce: but we all know the real poster child for BioMania - $GALE - this is actually a sad story for those who lost big http://t.co…
BioBounce
15 Apr 14 17:05:10
but we all know the real poster child for BioMania - $GALE - this is actually a sad story for those who lost big http://t.co/JYn8GDRQcE
Brewman Brothers
15 Apr 14 13:07:58
$GALE still has a $200m+ mkt cap after being pummeled to 22% of their peak SP 3 months ago. Hilarious. Mgmt in the business of selling stock
Turd Trader
15 Apr 14 13:06:25
bto $TWTR put Apr 25 10@1.95 their news was smoke screen to hide loses. new $goog hire can't turn $TWTR overnight. btw: adolph is long $GALE
Alexander Morris
15 Apr 14 12:31:42
$GALE: 1mCrossSMA+ 1.74[-7%][14+10%Days], PrvCLo, tf:0f; TLM:2.0, 6MoLo- (PotLONG); vl:8; rs:+6,
nypd whistleblower
15 Apr 14 11:01:25
RT @StockRocket1: $IDOI on fire today! $LQMT $NVLX $BHRT $EXEL $AKS $KGC $MCIG $NBG $HK $ANV $XTRM $SD $GALE $HYSR $BSBR $DIRV $GGB $IAG $…
Stock Rocket
15 Apr 14 11:00:38
$IDOI on fire today! $LQMT $NVLX $BHRT $EXEL $AKS $KGC $MCIG $NBG $HK $ANV $XTRM $SD $GALE $HYSR $BSBR $DIRV $GGB $IAG $ODP $TAUG $ISR
Myle Le
15 Apr 14 10:15:23
Do GALE ever come back? SA Market Current on GALE - Midday Gainers / Losers http://t.co/9YVwEtghBf $GALE
PsychSignal
15 Apr 14 09:02:16
233.0% increased bullish conversations in $GALE in the past 3 hours.
Healey
15 Apr 14 08:02:37
$ibb no new run low today,but new run lows today on:$navb, $pgnx, $aezs, $acst, $biod, $dara, $pphm, $ssh, $gale, $athx, $pran, $clsn, $bcrx
Stock Rocket
15 Apr 14 07:57:57
$IDOI on breakout alert! $ARIA $GRPN $BCCI $EAPH $ITNS $KGC $ANR $FCEL $MCIG $MYEC $ANV $AKS $INO $ALU $IAG $NGMC $TRTC $NHYT $GALE $NBG
				
				
By  +Follow February 14, 2014 5:26AM
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