Synta Pharmaceuticals Corp. (NASDAQ:SNTA) Shows Promise With Anti-Cancer Drug

Boston, MA 10/29/2013 (wallstreetpr) – Shares of Synta Pharmaceuticals Corp. (NASDAQ:SNTA) plummeted to as low as $5.10 hours after the USA-based drug manufacturer presented positive one-year follow-up results from its GALAXY-1 trial of its ambitious anti-cancer innovation Ganetespib at the 15th World Conference on Lung Cancer (WCLC) in Sydney, Australia. GALAXY-1 is Synta Pharmaceutical’s (Synta) ambitious global, randomized, multi-center study started in May 2011 and designed to identify patients with advanced non-small cell lung adenocarcinoma and most likely to benefit from second-line treatment with Synta’s major and promising drug prototype, the Hsp90 inhibitor Ganetespib, when combined with Docetaxel as compared to docetaxel alone. Ganetespib is a selective second-generation inhibitor drug for the cancer-chaperone high shock protein Hsp90, quintessential for the activation and stability of proteins that stimulate cancer growth and proliferation. Ganetespib has been extensively studied and has shown durable objective responses, including complete responses and near-complete responses when used alone as mono-therapy administration in patients with several different types of late-stage cancer. With a current market capitalization of over $352 million, Synta’s progressive approach as a biopharmaceutical firm focused on treating severe and life-critical conditions, including cancer and chronic inflammatory diseases.

Meanwhile, Synta investors were presented with new call and put options this week, with December 21 expiration. Analysts say the put contract at the $6.00 strike price has a lucrative current bid of 55 cents and for investors looking to purchase Synta shares, this would mean an attractive alternative to paying the current $6.85 per share today. With about 12% discounts over the current trading price, analysts opine that it could be a good deal to bet on. Synta’s shares have seen heavy downward movement over the past two months, falling from their two-month high $7.15 registered on June 29 to the latest record low of $5.10 recorded a few hours ago during after-hours trading on October 28. Over 8.23 million shares exchanged hands during after-hours trading on the same day.

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Published by Brendan Byrne

While studying economics, Brendan found himself comfortably falling down the rabbit hole of restaurant work, ultimately opening a consulting business and working as a private wine buyer. On a whim, he moved to China, and in his first week following a triumphant pub quiz victory, he found himself bleeding on the floor based on his arrogance. The same man who put him there offered him a job lecturing for the University of Wales in various sister universities throughout the Middle Kingdom. While primarily lecturing in descriptive and comparative statistics, Brendan simultaneously earned an Msc in Banking and International Finance from the University of Wales-Bangor. He's presently doing something he hates, respecting French people. Well, two, his wife and her mother in the lovely town of Antigua, Guatemala. You may contact Brendan via his email (brendanbyrne@wallstreetpr.com) or his Google+ page (https://plus.google.com/u/0/116608759701551457422).

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