Cowen Reiterates Outperform on Synta Pharmaceuticals Corp. Following Ganetespib Program Updates
Synta Pharmaceuticals Corp. (NASDAQ:SNTA) has been reiterated as a Buy at Cowen by research analyst Boris Peaker. The reiteration comes after the company announced updates to its clinical program for Ganetespib, a next-generation inhibitor of the chaperone protein Hsp90. Shares of Synta closed today at $2.22, up $0.04 or 1.83%.
Peaker noted, “Ganetespib was generally well tolerated and showed impressive efficacy in ALK+ NSCLC and rectal cancer. However, focus remains on GALAXY-2 NSCLC study with final data in 2016.” Furthermore, “We believe there are numerous factors supporting our positive investment opinion of Synta including: (1) Ganetespib is a leading HSP90 inhibitor in late-stage development for NSCLC; (2) Data to date suggests ganetespib is differentiated from previous HSP90 inhibitors that have failed; (3) Ganetespib has the potential to be used across a variety of cancer indications; (4) Early stage HDC pipeline provides upside.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Boris Peaker has a total average return of 38.8% and a 61.1% success rate. Peaker is ranked #30 out of 3610 analysts.