Shares of Synta Pharmaceuticals (SNTA) were higher Monday as BMO Capital raised the rating to outperform from market perform due to positive reviews on Synta’s new lung cancer treatment Ganestespib, according to Dow Jones Newswires.
As of 12:10 p.m. Monday afternoon, the stock was trading 3.92% higher at $5.30.
BMO raised the price target on Synta, saying early data on the company’s experimental treatment on small cell-lung cancer is “likely to impress,” according to Dow Jones.
The firm also said that Synta has received “strong support for Ganestespib at a variety of scientific meetings.” This past weekend, the American Society of Clinical Oncology supported the lung cancer treatment.
BMO predicts that sales of the treatment will peak at $650 million, Dow Jones reported.