Galena Biopharma Inc (NASDAQ:GALE) Wins Over More Rating Firm Admirers


Dallas, Texas 11/27/2013 (Financialstrend) – The stock of the $400 million market capped development stage bio tech firm Galena Biopharma Inc (NASDAQ:GALE) celebrated the coverage being provided by rating agency Oppenheimer by posting a 5.7% increase in its market value during trading yesterday. The stock closed at trading price of $3.88 per share by taking it just 6.7% shy of its 52 week high valuation.

Oppenheimer Initiates Coverage Of Galena With A Outperform

The rating agency has also set the price target for the stock at $6 per share which translates to a 54% premium on its yesterday’s close price. The time period which the rating agency has predicted for this appreciation to be posted is in the 12 to 18 months range. It has assigned an Outperform rating on the stock of this drug maker and has put the focus on the positive impact that its target drug NevVax can have on the stock if its manages to get past the FDA approval process. The rating agency estimates that the worldwide market for the target drug is in the ball park of $5 billion. It has also commented on the favourable response that Galena Biopharma Inc (NASDAQ:GALE) marketable drug Abstral has had since its launch recently. It goes on to predict that it is a matter of time before investors would be queuing up to take a stake in the firm as the potential and reach of the on sale drug starts to express itself.

Stock Has Been On a Roll For The Past Year

Investors and Readers should note that the stock of Galena Biopharma Inc (NASDAQ:GALE) has been at the receiving end of a high momentum bull rally which has seen its market value appreciate by close to 80% in the past 90 days and by a super impressive 145% over the trailing 12 months.