Why Synta Pharmaceuticals Corp. Shares Skyrocketed By Brian Pacampara July 29, 2013
Why Synta Pharmaceuticals Corp. Shares Skyrocketed
By Brian Pacampara | More Articles | Save For Later
July 29, 2013 | Comments (1)
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of biotechnology company Synta Pharmaceuticals Corp. (NASDAQ: SNTA ) soared a whopping 43% today, after results from a mid-stage study of its drug ganetespib in breast cancer patients warranted an expansion of the study.
So what: Synta said that ganetespib helped enough patients with triple-negative breast cancer to support a second stage of the trial, reinforcing optimism over the drug's blockbuster potential of treating different types of cancers. In fact, according to the American Cancer Society, triple-negative breast cancer is particularly fast-spreading and difficult to treat, so the surprising results should help Synta garner some big-pharma partnership support as well.