Grant Zeng, CFA
Research analyst, CFA, biotech, small-cap

Galena: Why We Think There Is More Room For Significant Share Price Appreciation

We initiated coverage of Galena Biopharma (NASDAQ:GALE) in mid-November 2011. At that time, the share price of GALE was at about $0.70 per share. As of July 29, 2013, the share price of GALE is $1.77, an appreciation of 153%.

We think the impressive appreciation of share price has been based on many positive developments within the company in the past two years, such as the advancement of the company's clinical programs, expansion of pipeline and boosting of its balance sheet.

After having reaped such an amazing return, the legitimate question investors may ask is: what's next for GALE from here? My answer to this question: there is still enough room for significant price appreciation for GALE in

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