Jefferies Sharply Raises Target on Synta Pharma (SNTA) After GALAXY Update

Jefferies boosted its price target on Buy-rated Synta Pharma. (NASDAQ: SNTA) from $15 to $22 following a positive Phase 2b GALAXY update.

"We are encouraged that the overall survival data continue to show a strong favorable trend," the analyst commented. "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."

For an analyst ratings summary and ratings history on Synta Pharma. click here. For more ratings news on Synta Pharma. click here.

Shares of Synta Pharma. closed at $7.62 yesterday.

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