Thursday, October 25th, the penny stock of Galena Biopharma Inc. (GALE), already up 54.68% since our June 5th alert, received additional Wall Street coverage. Analysts at McNicoll Lewis & Vlak, MLV Capital, initiated coverage with a “buy” rating and a $6.00 price target on GALE stock — a 179% upside and $2 more per share than Cantor Fitzgerald who initiated coverage in June. The positive update of the Company’s NeuVax Phase 1/2 clinical trials, focused on preventing a relapse of breast cancer, reinforces why Galena should be on the list of penny stocks to own for 2013 .
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GALE Stock Chart
Market Cap: 144.43M
Close: 2.15, up 0.14 (6.97%)
Average Trade Size: 719
Issued and Outstanding: 67,178,819
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Even though the Company has not generated any revenue from inception through June 30, 2012, Galena Biopharma is a must own Nasdaq listed penny stock before 2013. Since the beginning of 2012, GALE stock price has risen from 0.44, 388%, and rallied to as high as 3.54 back in March. A no-brainer as to why Wall Street analysts are all issuing “buy” ratings on them.
Friday, Galena presented data from the Phase 1/2 clinical trial of NeuVax at the Society for Immunotherapy of Cancer. NeuVax™ is the immunodominant nine amino acid nonapeptide derived from the extracellular domain of the HER2 protein, a well-established target for therapeutic intervention in breast carcinoma. Of 26 enrolled patients which had at least two CTC measurements made during the vaccine treatment, none of these patients had a recurrence of their cancer during the five year follow-up period.
Galena Biopharma’s GALE is currently priced at:
- 14.62% above the 50 day moving average (1.88);
- 32.53% above the 200 day moving average (1.62);
- -39.27% below the 52 week high (3.54); and
- 497.22% above the 52 week low (0.36)
About GALE Stock
Galena Biopharma, Inc. is a biopharmaceutical company focused on developing innovative, next-generation cancer immunotherapies which address major unmet medical needs to advance care. The Company is developing innovative, peptide antigen-based “off the shelf” cancer immunotherapies for potential application to treatment of large populations of Cancer Survivors.
Click here to view the SEC filings for GALE.
Bottom Line: GALE needs to be on the list of penny stocks to buy for 2013. It would not be a shocker to see GALE stock put up the same gains PPHM did, 1,281% maximum gains from our alert, from the point when we initially alerted on it. For obvious reasons, keep a close eye on clinical trial updates for momentum triggers along the way.
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