BMO Capital Markets raises its rating on Synta Pharmaceuticals SNTA from Market Perform to Outperform and raises its price target from $5 to $10.
BMO Capital Markets says, "Synta Pharmaceuticals (SNTA) has recently announced its intention to enter phase 3 development with its HSP90 inhibitor ganetespib in patients with non small-cell lung cancer (NSCLC) based on interim phase 2b results from the GALAXY study of ganetespib + Taxotere. …We are upgrading our rating on SNTA to OUTPERFORM from MARKET PERFORM and increasing our price target to $10 ahead of full data release from GALAXY and on a more constructive view toward prospects for
broader ganetespib success."
SNTA closed at $5.10 on Friday.
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