Why Galena Biopharma (GALE) Stock Is Spiking Today

NEW YORK (TheStreet) -- Galena Biopharma (GALE) shares are up 10.2% to $2.59 on heavy trading volume Wednesday after Vernon T. Bernardino, an analyst at MLV & Co, reiterated the company's "buy" rating.

Despite the reiteration, Bernardino lowered the company's price target to $3 from $5.

"We acknowledge that risk exists in the form of potentially negative outcomes from the ongoing SEC investigation and ongoing class action lawsuits. However, we are focused on continued operational progress, as well as completion of the PRESENT Ph 3 study with NeuVax in breast cancer, as the primary driver of stock appreciation," said Bernardino.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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 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, disappointing return on equity and feeble growth in its earnings per share."

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

GALE Chart GALE data by YCharts

EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.

More from Markets

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Jim Cramer: The 10-Year Yield Could Go to 2.75%

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Oil Slumps, Gas Spikes Ahead of Holiday Weekend; Assessing the Chipmakers--ICYMI

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Week Ahead: Wall Street Looks to Jobs Report as North Korea Meeting Less Certain

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%

Dow and S&P 500 Decline, Energy Shares Fall as U.S. Crude Oil Slides 4%