Roth Cuts PT on Synta Pharma (SNTA) to $20; Still Attractively Priced Given Ganetespib Potential

February 6, 2015 10:08 AM EST
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Price: $0.34 --0%

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Roth Capital is paring-back its price target on Synta Pharmaceuticals (Nasdaq: SNTA) from $27 to $20 and maintains a Buy rating following news that Synta will be implemeting a new corporate strategy.

Analyst Joseph Pantginis commented, We believe that Synta, under the direction of new CEO Anne Whitaker, is conducting efficient and needed cost saving measures to ensure proper focus and allocation of resources directed toward ganetespib's clinical programs. We're also encouraged by the clarity of management's vision provided by this announcement, in particular regarding the HDC program, which is now given a green light to proceed. We look forward to details from the IND-enabling studies of the lead product, STA-12-8666, as well as the identity of any followup candidates coming from this program. Synta is facing an important milestone this year with the anticipated interim analysis of GALAXY-2 in 2H15 followed by final data coming out in 1H16.

Pantginis still sees Synta as attractively priced given the potential of ganetespib in "several indications and the partnering potential of the drug."

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

Synta Pharma. closed at $2.37 yesterday.

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