Synta Pharma up 26% premarket

|By:, SA News Editor

Shares of Synta Pharmaceuticals (SNTA) are up big premarket in response to the company's report of encouraging results from the ENCHANT-1 ganetespib phase 2 clinical trial for metastatic breast cancer.

Six of seven patients in the HER+2 cohort and 18 of 31 patients in the TNBC cohort achieved a metabolic responses.

Shares are down 60% since the February 2013 high of $11.88. The CEO recently resigned and some analysts have turned bearish.

Watch for upgrades in the next several weeks as analysts wait for the end of an up move before publishing their opinions.