The penny stock of Galena Biopharma Inc (Nasdaq: GALE) is having another positve trading session after Wall Street analysts at Cantor Fitzgerald set a “buy” rating and a $4.00 price target on the stock yesterday. GALE shares are currently up 2.96% at $1.39 on volume of 1,458,273. The penny stock reached as high as $1.60 after news of the coverage by Cantor Fitzgerald broke and is currently trading at 1.84% above the 50 day moving average, 23.53% above the 200 day moving average, -60.73% below the 52 week high of $3.54, and 286.11% above the 52 week low of $0.36.
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GALE Stock Chart
Market Cap (intraday): 91.89M
(Mar 22, 2012): 3.54
(Dec 20, 2011): 0.36
50-Day Moving Avg: 1.36
200-Day Moving Avg: 1.13
Avg Vol (3 month): 3,405,490
Avg Vol (10 day): 2,170,540
Shares Outstanding: 65.64M
% Held by Insiders: 1.71%
% Held by Institutions: 5.60%
(a/o May 15, 2012): 3.73M
Galena Biopharma updated NeuVax, or E75, results at a physician panel during the American Society of Clinical Oncology, or ASCO, 2012 Annual Meeting in Chicago, Illinois. The combines Phase 1/2 NeuVax clinical trials, SN-33 node positive, and SN-34 node negative, continue to demonstrate an excellent safety and efficacy profile at median 60-month follow-up.
Bottom Line: Upgraded stocks, or those that have coverage initiated by a top notch firm like Cantor Fitzgerald, are the best penny stocks to watch. GALE stock is volatile enough to offer huge jumps in price while having an enormous support of investors who believe in the companies drug pipeline to stabalize the price. As long as good news keeps coming from the Galena, GALE will be a great penny stock to go long on.
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