Galena Biopharma Inc (NASDAQ:GALE) reported on Tuesday that its sale of 15.2 million units is projected to boost gross proceeds of almost $24.3 million to use for trials of its cancer drug applicants.
Shares of Galena Biopharma plunged 18% to settle at $1.52 in recent trading session.
The corporation reported that the units, which consist of one share of common stock and a warrant, priced at $1.60 per share. The warrants entitle holders to purchase half per share at an exercise price of $1.90 per share.
Galena Biopharma plans to use proceeds for clinical tests of its breast-cancer treatment NeuVax and a inquiry of its Folate Binding Protein-E39.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Arrowhead Research Corp (NASDAQ:ARWR) fell -9.60% to settle at $2.26, ISIS Pharmaceuticals, Inc. (NASDAQ:ISIS) moved up +0.20% to end at $10.06 while Teva Pharmaceutical Industries Ltd (ADR) (NYSE:TEVA) jumped +0.44% to finish at $38.56 on Tuesday.
Galena Biopharma Inc (NASDAQ:GALE) on Dec 18, 2012 decreased -16.04% to the closing price of $1.57. The overall volume in the last trading session was 18.88 million shares. Its fifty two weeks range was $0.36 – $3.54. The total market capitalization remained at $106.17 million.
GALE is ahead of its 52-week low with 336.11% and lagging behind from its 52-week high price with -55.65%. GALE’s last month’s stock price volatility remained 7.83%. In its share capital GALE has 67.63 million outstanding shares, among them 66.39 million shares have been floated in market exchange. GALE’s stock’s institutional ownership remained 6.00% while insider ownership included 1.02%.
The stock price of GALE is moving down from its 20 days moving average with -16.89% and remote negatively from 50 days moving average with -17.73%. GALE’s current year’s earnings per share experienced an addition with 52.87% while its current quarter performance remained at -16.93%. Company’s beta coefficient included 0.67. Beta factors measure the amount of market risk associated with market trade.
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