UPDATE: Jefferies Increases PT on ZIOPHARM to $7

Jefferies reiterates a Buy rating on ZIOPHARM Oncology ZIOP and increases its price target from $6 to $7. Jefferies notes, “At its R&D Day (6/19/12), ZIOP highlighted (1) palifosfamide in STS and SCLC; (2) PFS as a validated endpoint for FDA full approval: & (3) early IL-12 DNA therapeutics. ZIOP expects Ph3 palifosfamide PFS data in 1st-line sarcoma by YE12, with Ph3 SCLC data in ~2014-2015. On recent FDA full approval of Votrient in Tx-experienced sarcoma, it notes FDA's clear policy shift in favor of PFS benefits for full approvability.” ZIOP closed at $5.89 on Tuesday.