NEW YORK (TheStreet) -- Galena Biopharma (GALE) stock is plummeting by 12.79% to $1.50 on heavy trading volume on Tuesday afternoon, after the company reported its 2015 third quarter earnings results and announced that it was transitioning out of its commercial business.
After the market close on Monday, the bio-pharmaceutical company reported a loss of 11 cents per share, compared to analysts' expectations that the company would report a loss of 7 cents per share.
Additionally, Galena announced that it was ending its commercial business to focus on clinical development programs.
"For both patients and shareholders of Galena, there is a much greater opportunity to generate value if we dedicate all of our resources to our clinical programs, and we are eager to move the company in this new direction," CEO Mark Schwartz said in a statement.
So far today, 2.6 million shares of Galena have traded, versus the stock's 30-day average of 1.08 million shares.
Separately, TheStreet Ratings team rates GALENA BIOPHARMA INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:
We rate GALENA BIOPHARMA INC (GALE) a SELL. This is driven by multiple weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. Among the areas we feel are negative, one of the most important has been a generally disappointing historical performance in the stock itself.
You can view the full analysis from the report here: GALE
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