UPDATE: BMO Capital Markets Upgrades Synta Pharmaceuticals to Outperform on HSP90 Opportunity

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.