UPDATE: Jefferies Raises PT to $22 on Synta Pharmaceuticals on GALAXY Update

Jefferies reiterated its Buy rating on Synta Pharmaceutical

and increased its price target from $15 to $22. Jefferies commented, "SNTA presented a second interim analysis of the Phase 2b GALAXY study of ganetespib. We are encouraged that the overall survival data continue to show a strong favorable trend. We spoke at length with three GALAXY investigators who were bullish on the data and the safety profile. Although more maturity of data is needed for confirmation, we believe that strong ganetespib activity has been demonstrated and would be buyers of the stock." Synta Pharmaceuticals closed at $7.62 on Friday.