Galena Biopharma Inc (Nasdaq:GALE), a biopharmaceutical company developing and commercializing innovative, targeted oncology therapeutics that address major medical needs across the full spectrum of cancer care, announced the closing of the exercise of the underwriters’ option to purchase an additional 3,653,846 shares of common stock of Galena at a price of $1.457 per share as part of the firm commitment underwritten offering that closed initially on March 18, 2015.
The additional net proceeds to Galena from the exercise of the option with respect to the shares are approximately $5.4 million, bringing the total net proceeds to Galena from the offering to approximately $40.8 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by Galena.
Raymond James & Associates, Inc. acted as the sole book-running manager for the offering. Roth Capital Partners acted as lead manager, and Maxim Group LLC, Noble Life Science Partners, and MLV & Co. LLC acted as co-managers.
Galena intends to use the net proceeds from the offering to fund its operations, including the ongoing commercialization of Abstral® (fentanyl) Sublingual Tablets and Zuplenz® (ondansetron) Oral Soluble Film, its ongoing Phase 3 PRESENT study and other clinical trials of its product candidates, and for other working capital and general corporate purposes. (Original Source)
Shares of Galena Biopharma opened today at $1.33 and are currently trading down at $1.31. GALE has a 1-year high of $3.58 and a 1-year low of $1.30. The stock’s 50-day moving average is $1.60 and its 200-day moving average is $1.74.
On the ratings front, Galena has been the subject of a number of recent research reports. In a report issued on March 30, Maxim Group analyst Jason Kolbert maintained a Buy rating on GALE, with a price target of $7, which implies an upside of 426.3% from current levels. Separately, on March 26, MLV & Co.’s Vernon Bernardino reiterated a Buy rating on the stock and has a price target of $5.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Jason Kolbert and Vernon Bernardino have a total average return of 11.3% and -10.8% respectively. Kolbert has a success rate of 49.8% and is ranked #234 out of 3571 analysts, while Bernardino has a success rate of 35.3% and is ranked #3499.
The street is mostly Bullish on GALE stock. Out of 6 analysts who cover the stock, 5 suggest a Buy rating and one recommend to Sell the stock. The 12-month average price target assigned to the stock is $5.17, which implies an upside of 288.7% from current levels.
Galena Biopharma Inc, is abiopharmaceutical company focused on developing and commercializing targeted oncology therapeutics that address medical needs across the full spectrum of cancer care.