Go-Ahead Recommendation for Galena Biopharma’s (GALE) Breast Cancer Drug Combo Trials

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Shares of Galena Biopharma, Inc. (Nasdaq:GALE) soared more than 100% to touch the $2.41 mark in early trade Monday after the company said that a Data Safety Monitoring Board recommended the continuation of two clinical trials evaluating its HER2-directed cancer immunotherapy NeuVax (nelipepimut-S) in combination with trastuzumab in breast cancer patients.

Separately, analysts at FBR & Co. downgraded Galena Biopharma from an Outperform to a Market Perform rating and reduced their price target for the stock from $11.00 to $4.00

GALE stock is trading at $1.77, up $0.57 (or +47.49%) and 16.28M of its shares changed hands so far, representing a large increase in activity versus its average volume (3m) of 1,299,278 shares.

Galena Biopharma, which focuses on developing and commercializing oncology therapeutics, has 10.85M shares outstanding and GALE stock 52-week range is from $1.02 to $49.80 per share.

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