In a research report released today, Roth Capital analyst Joseph Pantginis reiterated a Buy rating on shares of Synta Pharmaceuticals Corp. (NASDAQ:SNTA), with a $13 price target, following a meeting with SNTA management, which left him confident that investors are on the verge of intriguing times for Synta and especially ganetespib.
Pantginis noted, “We hosted meetings with management and point to an important upcoming catalyst this quarter, namely the first interim analysis for GALAXY-2 in NSCLC. An intriguing aspect to this event is that it will be based on 60% of events. Recall this study was based on the positive, statistically significant, randomized GALAXY-1 Phase II which prospectively defined the “optimal” population to target.” Furthermore, “Management indicated their desire to maintain U.S. rights and partner with one or more entities ex-U.S.”
“With financing overhang in sight as current cash reserves provide limited runway, we believe a positive outcome from the first GALAXY-2 interim analyses should increase interest and visibility for the company,” the analyst added.
Pantginis concluded, “We believe Synta remains attractive based primarily on the promise of ganetespib in several indications and the partnering potential of the drug.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of -6.6% and a 32.5% success rate. Pantginis has a -40.8% average return when recommending SNTA, and is ranked #3741 out of 3779 analysts.
As of this writing, the 3 analysts polled by TipRanks rate Synta Pharmaceuticals stock a Buy. With a return potential of 394%, the stock’s consensus target price stands at $9.75.