Galena Biopharma Inc (NASDAQ:GALE) Starts The New Year With A Bang
The New Year has come in with a bang for Galena Biopharma Inc (NASDAQ:GALE). The company has caught the eye of many investors in the healthcare business as the stock for the company has already seen a significant rise by about 40% in just three weeks. The share prices for the company have risen from $5 per share from December 31st to a price of $7 Per Share. The reason for this sudden rise in stock prices is not completely unknown. It is not just Galena Biopharma Inc that has seen a rise in stock prices however; other healthcare stocks have also risen slightly.
The company had a one year low of the stock price at $1.65 and a high of $7.77. On an average in 50 it has an average movement of $2.90. Galena Biopharma Inc currently has a market cap of about 4736.7 million.
The company announced on 7th January that the phase 2 trial for GALE 301, which is a potential drug will be helpful in the treatment of ovarian cancer patients, has begun and the patient had also been enrolled for the same. The market received this update well, which means that the drug pipeline at Galena is showing some progress.
Almost a week later on January 13, the company also announced that they were acquiring Mills Pharmaceuticals, a company that specializes in the development of oncology treatments. GALE 401 is the major take-away from this deal which is a patented anagrelide that is used for the treatment of thrombocythemia.
The company is hopeful that the estimated sales for this drug will easily cross $200 million per year.
The last bit of exciting and market driving news from Galena Inc is that it has announced a partnership with Dr. Reddy’s Labs to commercialize and sell NeuVax in India. This drug is used in the treatment of breast and stomach cancers. The deal itself will give Galena royalties in double digits as well as sales and development milestones.