Galena Biopharma (GALE) Drops Despite Analyst Upgrades

NEW YORK (TheStreet) -- Galena Biopharma  (GALE) was falling 10.99% to $6.23 on Tuesday despite two analyst upgrades.

Needham & Company reiterated a "buy" rating and boosted the target price to $9 from $3.50.

"Galena has been off to a galloping start in 2014," the report notes. "Since the beginning of the year the company had initiated a Phase II program for its ovarian cancer vaccine GALE-301, signed an agreement with Dr. Reddy's to fund development of lead drug NeuVax in gastric cancer, and acquired a Phase II ready specialty pharma product for essential thrombocytopenia (ET.) All of this progress comes on the heels of a sucessful 4Q:13 launch of Galen'a first commercial product, Abstral. We believe Galena is rapidly transforming itself into a multi-product oncology-focused company."

Maxim Group also raised its target price on the stock to $11 from $9.

Jim Cramer preached caution with regard to Galena on Thursday's Mad Money

TheStreet Ratings team rates Galena Biopharma 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 several 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. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, weak operating cash flow and feeble growth in its earnings per share."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

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