Can Galena Biopharma Inc(GALE), CTI BioPharma Corp(CTIC) and RXI Pharmaceuticals Corp(RXII) Turn Things Around?
New York, NY – GDP INSIDER – 03/16/2015.
This article discusses three companies: Galena Biopharma Inc(NASDAQ:GALE), CTI BioPharma Corp(NASDAQ:CTIC) and RXI Pharmaceuticals Corp(NASDAQ:RXII)
Galena Biopharma Inc(NASDAQ:GALE) stock plummeted 17.92% or $0.31 to close at $1.42 on very heavy trading of 24.422 million shares, compared to its three month average trading volume of 2.080 million. The retreat started when the oncology focused biotechnology company announced that it was making a public offering of 24.358 million units, each consisting of one common share and one warrant for 0.5 shares, at $1.56 per unit. The proceeds of $38 million are going to be used to promote several of the company’s new drugs and if successful, should push the stock price back up this week.
CTI BioPharma Corp(NASDAQ:CTIC) fell sharply on Friday with the stock closing down 24.23% or $0.63 at $1.97 on very active trading of 26.795 million shares. The biotechnology company had big gains on Thursday after it reported positive results from its Phase III study on the Myelofibrosis drug Pacritnib. When CTI BioPharma Corp released the full report on Thursday evening, many experts started to question whether the tests had been as positive as the company was claiming and pointed to its competitor’s drug, Incyte’s Jakafi as having much better results. Until this clears up better to hold than buy.
RXI Pharmaceuticals Corp(NASDAQ:RXII) reversed its recent downward trend on Friday to close up 3.60% or $0.04 at $1.15 with more than 4.384 million shares trading hands, compared to its three month average trading volume of 0.357 million. The RNA interference therapy developer has been having a difficult year so far with the stock down 28.12 % year to date, underperforming the S&P 500 which only down 0.27% for the same period. This makes RXI Pharmaceuticals Corp one of the weaker stocks in the sector and with MACD converging on a bearish crossover better to sell at this time.
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