Galena price target raised to $9 from $6 at Maxim Maxim raised its price target for Galena shares to $9 citing increased confidence in the development pipeline after the company said it started enrollment of a phase II trial for its second anti-cancer agent GALE-301. The firm reiterates a Buy rating on the stock.
Galena announces release of special committee report regarding stock promotion Galena Biopharma announced the release of a report prepared by the former Special Committee of Galena's board regarding the company's 2012-2014 market visibility campaigns and the sale of shares by insiders in Q1. Some of the findings from the report include: "We found no evidence that, with the exception of Mark Ahn, insiders had knowledge of Dream Team Group's activities before trading in the company 's stock; We found no evidence that officers and directors had material nonpublic information before trading in the company's stock; We found no evidence that the trades by officers and directors in 1Q14 violated company policy; During our investigation, we discovered that another of the company's investor relations firms, Lidingo Holdings, might have engaged in improper conduct relative to the payment of bloggers for promotional articles written about the company; We found that Mark Ahn granted stock options to Lidingo as part of its compensation for its services without Board approval, which is contrary to company policy; Based on these findings of fact, we conclude that it is possible that Lidingo violated Section 17b of the Securities Act of 1933." Shares of Galena are up 6% after hours following the release of the special committee report. Reference Link