UPDATE: Jefferies Raises PT on Synta from $7 to $14

Jefferies reiterates a Buy rating on Synta Pharmaceuticals SNTA and raises its price target from $7 to $14. Jefferies remarks, “Top-line data from the GALAXY lung cancer Phase 2b interim analysis is expected this week, including activity observed in 2 subgroups which we believe to be mutant KRAS and high LDH. For progression-free survival at the interim to be statistically significant, we calculate ganetespib+docetaxel would need to show at least a 55% reduction in risk of progression, which we would see as a highly robust improvement in second-line lung cancer.” Synta closed at $7.24 on Friday.