Astex Pharmaceuticals (ASTX +12.5%) gets a pop from RBC today, who initiated coverage with an...

|About: Astex Pharmaceuticals, Inc. (ASTX)|By:, SA News Editor

Astex Pharmaceuticals (ASTX +12.5%) gets a pop from RBC today, who initiated coverage with an Outperform and a $9 price target, calling it an "undiscovered gem." The firm says the ASTX could have a blockbuster in its pipeline with its experimental blood cancer drug, SGI-110, which is thought to be a safer and more effective version of an already approved therapy it licenses to Eisai (ESALY.PK) and JNJ. ASTX owns all the rights to SGI-110, giving it big upside potential if it gets approved. Additionally, the company reported earlier that it plans to present "significant data" at the AACR annual meeting on Saturday.