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Galena price target raised to $7 from $2.75 at Piper Jaffray

Piper Jaffray is raising its price target on Galena Biopharma to $7 from $2.75, citing an increased forecast for sales of Abstral, which Galena acquired in March and launched in October. Piper raised its Abstral sales forecast for 2014 to $16.5M from $10M, a run-rate at which the firm says the Abstral business could turn a profit, and the firm maintains an Overweight rating on shares.