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Galena Biopharma (GALE) slips 14% in the post-session after saying it intends to offer common...

Galena Biopharma (GALE) slips 14% in the post-session after saying it intends to offer common stock and warrants for an unspecified amount. The company intends to use the net proceeds to conduct ongoing clinical trials for NeuVax and its Folate Binding Protein-E39. Piper Jaffray is acting as the sole book-running manager for the offering.
Comments (1)
  • shel113
    , contributor
    Comments (12) | Send Message
     
    I have been watching this stock for a while and the recent news and analysts write ups have been almost too good to be true. I believe this is a solid company with excelleent potential and I have been perplexed by the drop in the stocks value by about one third in the last 10 days or so. It is now evident that this common stock offering that will water down the value of the stock had been leaked and many individuals have been dumping the stock in anticipation of todays news. This stock will be offered a severe discount to its' recent price and it may be a very good opportunity to purchase it at the lower levels. Personally I think there should be two investigations, one to look at the people who dumped this stock over the last two weeks and the second to see if this stock was manipulated to make it run up to about $2.40 a share .
    17 Dec 2012, 05:17 PM Reply Like
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