Roth Capital’s healthcare analyst Joseph Pantginis weighed in with a few insights on Synta Pharmaceuticals Corp. (NASDAQ:SNTA), after the company announced the enrollment of the first patient in the randomized, panEuropean Phase II GANNET53 study assessing ganetespib and paclitaxel versus paclitaxel alone in metastatic, p53 mutated, platinum-resistant ovarian cancer.
Pantginis noted, “We’re encouraged by the progress in the GANNET53 program and the initiation of the Phase II portion, indicating a belief by investigators as to the potential of ganetespib in this indication. The Phase II study is a randomized, controlled, open-label, multi-center study with PFS and OS as primary and secondary endpoints, respectively.”
“We believe Synta remains attractive based primarily on the promise of ganetespib in several indications and the partnering potential of the drug.”, the analyst added.
The analyst reiterated a Buy rating on shares of Synta Pharma with a price target of $13, which implies an upside of 465% from current levels.
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 8.6% and a 50.8% success rate. Pantginis has an -36.9% average return when recommending SNTA, and is ranked #273 out of 3610 analysts.