BMO Capital Downgrades Synta Pharma. (SNTA) to Underperform
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Price: $0.34 --0%
Rating Summary:
4 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 14 | Down: 24 | New: 9
Rating Summary:
4 Buy, 4 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 14 | Down: 24 | New: 9
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BMO Capital analyst Jim Birchenough downgraded Synta Pharma. (NASDAQ: SNTA) from Market Perform to Underperform and slashed his price target to $1 after weak Q1 results. The analyst notes limited cash, CEO departure and questionable direction.
Birchenough said, "With the extension of the timelines for GALAXY-2 into 2016 and beyond the year-end 2014 limits of current cash, we see significant jeopardy to operations in the current year, absent a major change in direction. Following multiple trial amendments to GALAXY-2, including closing enrollment to early sites following phase 2 data review, we question the integrity of the trial altogether. We remain concerned regarding GALAXY-1 observations as a basis for pursuing GALAXY-2 development, particularly given failure of the primary endpoint and limitations of regular and multiple looks at multiple endpoints over time."
For an analyst ratings summary and ratings history on Synta Pharma. click here. For more ratings news on Synta Pharma. click here.
Shares of Synta Pharma. closed at $5.28 yesterday.
Birchenough said, "With the extension of the timelines for GALAXY-2 into 2016 and beyond the year-end 2014 limits of current cash, we see significant jeopardy to operations in the current year, absent a major change in direction. Following multiple trial amendments to GALAXY-2, including closing enrollment to early sites following phase 2 data review, we question the integrity of the trial altogether. We remain concerned regarding GALAXY-1 observations as a basis for pursuing GALAXY-2 development, particularly given failure of the primary endpoint and limitations of regular and multiple looks at multiple endpoints over time."
For an analyst ratings summary and ratings history on Synta Pharma. click here. For more ratings news on Synta Pharma. click here.
Shares of Synta Pharma. closed at $5.28 yesterday.
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