Lake Oswego’s Galena Biopharma is working toward a breast cancer vaccine, despite a negative online article that sent its stock from $1.98 to $1.40 in one day.
Lake Oswego’s Galena Biopharma is working toward a breast cancer vaccine, despite a negative online article that sent its stock from $1.98 to $1.40 in one day.
Galena’s bouncy ride shows how the fragile existence of a small biotech firm rests on not just research and finance, but perception. And technology means conventional wisdom can change in a heartbeat.
Galena is fighting back, suing the suspected authors and reporting the matter to regulators as a case of stock manipulation.
Its lawsuit accuses the authors of printing falsehoods to wipe out $39 million of Galena’s value. But in another sense, the suit aims at the growing role of the Internet in stock trading, where websites let anyone anonymously share analysis, rumors and even misinformation while readers — and authors — make money when prices fluctuate.
Read more at OregonLive.com.
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