Galena Biopharma Inc (NASDAQ:GALE) was up nearly 11% in pre-market trading to $1.62 after the stock was upgraded from Sector Perform to Outperform by Ling Wang at Oppenheimer. Wang assigned a $4 price target after the company posted third quarter earnings yesterday, in which it announced a net loss of $18 million and a loss of ($0.11) per share. However, the report made headlines for the company’s decision to divest its commercial business in order to focus on its core immunotherapy pipeline. Wang weighed in on this decision, noting, “We applaud this decision and view the divestiture as a meaningful step toward unlocking value, as it allows focusing capital and effort exclusively on the high-value cancer immunotherapy pipeline.” According to the 3 analysts polled by TipRanks in the last 3 months, all of them are bullish on GALE. The average 12-month price target on the stock is $6.50, marking a 345% potential upside from where shares last closed.
