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.
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:
- You can view the full analysis from the report here: GALE Ratings Report
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