Shares of Galena Biopharma (GALE) gained almost 5% in Wednesday morning trading after GALE reported a lower-than-expected quarter loss.
GALE posted a net loss of $2.5 million during the first quarter, compared to a loss of $9.3 million in the year-ago period. EPS showed a loss of 2 cents. Wall Street had forecast a loss of 10 cents per GALE share. The company said it generated revenue of $2.17 million during the quarter. Analysts had predicted revenue of $2.09 million, Zolmax News noted.
In a statement, GALE CEO and President Mark J. Ahn offered an optimistic outlook for the rest of the year. “2014 should be a significant year of continued progress for Galena. We expect Abstral sales to reach our guidance of $11 million to $15 million in net revenue for the year. In pipeline development, we are focused on our three major milestones of completing enrollment in the Phase 3 PRESENT trial, initiating the Phase 2 trial with GALE-401, and presenting GALE-301 Phase 1 data at ASCO and completing Phase 2 enrollment.”
On Tuesday, GALE stock closed at $2.46 per share.
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