Galena Biopharma is having an incredible day in the market today. Not only is the market working to bounce back from Friday’s crash, but the company also released data with regard to a recommendation that seems to have investors incredibly excited. Today, we’ll talk about the recommendation that has investors so excited, what we’re seeing from GALE in the market today, and what we can expect to see from the stock moving forward.
The Recommendation That Has Investors Excited About GALE
Galena Biopharma is a company that’s focused on developing and commercializing innovative, targeted oncology therapeutics across a wide spectrum of cancer indications. The company announced today that the Independent Data Monitoring Committee, also known as IDMC, has sent a recommendation to the company. The recommendation is that GALE work to reduce the cardiac toxicity monitoring for patients in its NeuVax Phase 3 study. The IDMC stated that a reduction in cardiac toxicity monitoring is justified and consistent with pre-specified Cardiac Toxicity Monitoring Stopping Rules defined in the study’s protocol. This proved to be the only suggestion from IDMC surrounding the trial, insinuating that the trial is going incredibly well.
How Investors Reacted To The News
As mentioned above, GALE is having an incredible day in the market. Not only is the stock bouncing back from Friday’s declines, investors are excited about the insinuation that the Phase 3 study is going well. Currently (1:37), GALE is trading at $1.51 per share after a gain of 12.69% so far today.
What We Can Expect To See Moving Forward
Moving forward, I’m expecting to see a continuation of bullish activity. The reality is that the recommendation from the IDMC surrounding the company’s phase 3 trial insinuates that the trial is going well. From that, we can gather that when data is released, it is likely going to be positive data that acts as a catalyst for the stock sending the price higher.
Considering the assumption that the Phase 3 trial is going well, we can also assume that the next step will be a New Drug Application with the FDA followed by approval. If that is indeed the case, GALE will finally be put on the map as one of the several stocks in biotech that has an approved product, ultimately leading to more incredible gains.
What Do You Think?
Where do you think GALE is headed and why? Let us know in the comments below!