Shares of Synta Pharma. (NASDAQ: SNTA) are lower on Tuesday, a moved tied to the resignation of the company's R&D President Sumant Ramachandra. The resignation was revealed in SEC filings late on Monday, and no reason was given, leaving investors guessing.
Commenting, Roth Capital analyst Joseph Pantginis said the timing may be viewed as negative by investors ahead of Galaxy-1 data presentation at the ASCO meeting in June. However, he doesn't think the resignation is cause for concern. In fact, he sees today's sell-off as a buying opportunity, as he expects positive data at ASCO and plenty of positive news flow in the days ahead.
Roth Capital has a Buy rating on Synta Pharma. with a price target of $18.00