Roth Says Buy the Dip in Synta Pharma as Co. Reached Ideal Patient Population in Latest Trial

On the heels of a 34 percent plunge in shares of Synta Pharmaceuticals

on Monday amid shorter survival benefits from GALAXY-1 Phase 2b/3 trial of ganetespib, Roth Capital's Joseph Pantginis is recommending investors buy the dip in the stock. Pantginis believes Synta found the ideal patient population for what will be the upcoming Phase 3 trial; the analyst said this was the "main question" to be answered with the latest trial. Pantginis noted the principal investigator was able to “explain away” investor worry related to survival curves. As data matures, according to the Roth analyst, an uncross may happen based on the lack of significant data generated by enrolled patients. Shares of Synta are up as much as 4 percent on Tuesday and closed at $5.00.