Jim Cramer: ‘Ring the Register’ on Galena Biopharma
Galena Biopharma (NASDAQ:GALE) has Cramer of MSNBC’s Mad Money talking. In the past three weeks, the stock has jumped nearly 50 percent year-to-date. Cramer notes that because the company is small, “with a market cap of about $750 million,” Galena is really only suitable for speculation, but it’s worth paying attention to, Cramer said via MSNBC.
Galena Biopharma is a Lake Oswego, Oregon-based company currently under the direction of CEO Mark Ahn who spoke with Cramer on Thursday’s show. The company develops cancer treatments, most notably NeuVax, which is “a vaccine designed to prevent the recurrence of breast cancer in people who have already survived the disease.”
Amongst NeuVax’s skeptics are Adam Feuerstein, a biotech expert at Cramer’s own, theStreet.com. Feuerstein has been “relentlessly negative about the science behind the drug’s previous phase II study,” Cramer said. Further, “a University of Pennsylvania study published about a year ago said that cancer vaccines such as NeuVax, which target a specific antigen, are ineffective,” he continued. Feuerstein’s critique “hasn’t prevented the stock from roaring higher,” however, he noted.