Synta's (SNTA) Ganetespib Could See Extra Exclusivity Following FDA Meeting - Roth
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Roth Capital maintains Synta Pharma (Nasdaq: SNTA) with a Buy rating and price target of $27 following news that the Company has been invited by the U.S. Food and Drug Administration (FDA) to participate in a meeting of the Oncologic Drugs Advisory Committee’s (ODAC) Pediatric Subcommittee on December 11, 2014.
Analyst Joseph Pantginis commented,
We are encouraged by the FDA's invitation and by the potential for ganetespib in pediatric malignancies. We believe ganetespib has broad potential in various tumor types and patient populations. With the new CEO in place, we believe the company has the experience and relationship-focus that will be key in driving SNTA forward, including exploring partnering potential.
On tomorrow's quarterly call, we expect to get initial views on the refining of the company's strategy, including the clarity on the path toward commercialization and the financial considerations for all strategic options the company is considering. A more comprehensive vision is expected to be elucidated at the beginning of 2015, but the number one priority at SNTA remains the execution of the GALAXY-2 study. At last update in August 2014, enrollment was on track to meet data readout expectations, which include two anticipated interim analyses in 2H15 and a final survival analysis in 1H16. We are optimistic about this study based on positive randomized Phase II GALAXY-1 data.
Synta Pharma. closed at $2.95 yesterday.
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