Galena Biopharma Inc (NASDAQ: GALE)
Galena Biopharma is having an incredibly strong start to the trading session today. After news broke this morning of study continuations, the stock climbed dramatically in the pre-market hours. While the stock has fallen a bit since the opening bell, it is still trading on incredibly impressive gains and is likely to close in the green today. Below, we’ll talk about what we’re seeing from GALE, why, and what we’ll be watching for ahead.
What We’re Seeing From GALE
As mentioned above Galena Biopharma is having an incredibly strong start to the trading session today. Due to an announcement made in pre-market, the stock skyrocketed before the bell. When the opening bell rang, the stock was trading up around 82%. While the stock has seen a bit of a correction since the market open, gains are still impressive and the stock is likely to close the day well into the green. At the moment (9:49), GALE is trading at $1.85 per share after a gain of $0.65 per share (53.93%) thus far today.
Why The Stock Is Headed Up
As is usually the case, our partners at Trade Ideas were the first to inform us of the gains on GALE. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. It didn’t take long to uncover the story. The gains are the result of an announcement the company made in the pre-market with regard to studies of NeuVax.
Early this morning, the company announced that the Independent Data Safety Monitoring Board has reviewed the data from two ongoing Phase 2 studies of the treatment. According to the announcement from Galena Biopharma, the DSMB found no safety signals and neither study was found to be futile. As a result, the two Phase 2 studies will continue as planned.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching GALE incredibly closely. In particular, we’re interested in following the clinical studies surrounding NeuVax, as they are becoming more and more promising with every release. We’ll be watching the news closely and bringing it to you as it breaks.
Want to know more about GALE? Read the full Zacks analysis here for FREE!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!