Synta expects that results from a future analysis of the GALAXY-1 trial will be presented at the 2013 World Conference on Lung Cancer in Sydney, Australia during the week of October 27. Nothing much will happen before that. (I know, rubber bands, short squeezes, etc) Interesting situation is that Synta needs to raise more cash, bad news next week would be a huge problem.
SNTA definitely needs more cash. I would be surprised if they don't issue some shares before Galaxy-1 final results are released. They need to do this as insurance. Obviously they won't if they generate a partnership deal before the final Galaxy-1 results are in, but they do need to raise cash one way or another. If people can't see this they shouldn't be invested in SNTA or any other biotech for that matter.
According to their schedule, they would have to issue these shares this week (like now) to beat the announcement. That's why I am saying that a lot is riding on this result because of the cash on hand issue. Even if the news is ok, it still might go down, we have seen it before.
Raising cash by more offering is not bad news for biotech. Everybody expects this is going to happen. The managment need good selling skill to offer at high price. More good clinical data and partnership are the key for price movement.