UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT for Synta Pharmaceuticals

In a report published earlier today, Jefferies & Company, Inc. reiterated its Buy rating for Synta Pharmaceuticals Corporation (NASDAQ: SNTA) and raised its price target from $7.00 to $14.00.

Jefferies went on to say “Top-line data from the GALAXY lung cancer Phase 2b interim analysis is expected this week, including activity observed in 2 subgroups which we believe to be mutant KRAS and high LDH. For progression-free survival at the interim to be statistically significant, we calculate ganetespib+docetaxel would need to show at least a 55% reduction in risk of progression, which we would see as a highly robust improvement in second-line lung cancer.”

Synta Pharmaceuticals Corporation closed on Friday at $7.24.