Galena Biopharma Inc. (NASDAQ:GALE) Up 6.77%, MannKind Corporation (NASDAQ:MNKD) Up 0.21%
Northern, WI 04/29/2013 (GDPInsider) – Galena Biopharma Inc. (NASDAQ:GALE) is up 6.77% having opened trading at $2.55. The stock has closed previously at $2.54 and has a range today of $2.54 and $2.74 on volume of 1.79 million. Galena Biopharma Inc. underwent a name change from RXI Pharmaceuticals Corporation but the core business of discovery, development and commercializing of therapies for the unmet needs of cancer patient’s remains the same. The company is expected to present make a presentation at this year’s Annual Needham Healthcare Conference. President and CEO Mark J. Ahn, Ph.D., is expected to deliver the presentation on May 1, 2013 at the Westin Grand Central Hotel in NEW York, NY. Mr Ahn is expected to present a corporate update and investors will be able to tune in via webcast.
Galena Biopharma Inc. has shown some resilience over the last few months and the technical chart shows an upward trend which has sustained itself since January 2013. The stock is trading 30.03% above its 50-day simple moving average and 19.99% above its 20-day simple moving average. Analysts have set a target price of $4.88 and the stock has a RSI of 72.52
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MannKind Corporation (NASDAQ:MNKD) is trading up modestly at 0.25% having opened trading at $4.01. The stock has a range of $3.97 and $4.09 with volume standing at 873.05K. The development-stage biopharmaceutical company is expected to release findings from its double phase III studies of its inhaled and fast acting insulin dubbed Afrezza. The company’s CEO and founder Al Mann has told investors to expect positive results and he’s indicated that the results when they are released will be followed sharply by a FDA filing for approval.
Only time will tell if Mann’s optimism is shared by the FDA. The company has conducted several studies in the past involving Afrezza and to date the FDA has rejected approval for the drug twice. For now analysts have set a target price of $5.85 and the company is expected to see a 29.06% increase in the EPS this year. Things look even better for 2014 where EPS is expected to rise by 79.60%. With a RSI of 60.47 the stock is not yet overbought and presently it is trading 19.39% above its 50-day simple moving average.
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