Synta Pharmaceuticals Corp (NASDAQ:SNTA) Falls On Profit Booking

Posted by Michael Korte October 16, 2013 0 Comment 1482 views

On 10th October, Synta Pharmaceuticals Corp. (NASDAQ:SNTA)’s share price rose by almost 5% in a single trading day. Though there was no clear indication about what caused the bullish run on the stock, there is a distinct possibility that the 25 September announcement that Infinity Pharmaceuticals made was one of the reasons that caused it. The latter is a rival and it announced that it is facing some trouble with the PhaseII non-small cell lung-cancer target drug. This could be one of the factors that led to the rally in Synta Pharmaceuticals Corp (NASDAQ:SNTA) stock.

Another reason could be that Synta Pharmaceuticals Corp (NASDAQ:SNTA) had announced that the United States Food drug Administration had fast-tracked the company’s ganetespib trails. All-in-all, the company seems to be on a good run though its share price has been on the downtrend over the past two days.

Tuesday’s trading

In Tuesday’s trading, Synta Pharmaceuticals Corp (NASDAQ:SNTA) dropped by 6.52%. The opening price of the shares was $6.91, which climbed to an intraday high of $6.97 and dipped to a close of $6.45. Approximately 1.06 million shares were traded on Tuesday while an average volume of 1.07 million shares were traded over a 30 day period. The 52-week low of Synta Pharmaceuticals Corp (NASDAQ:SNTA) shares is $3.76 and its 52-week high is $11.88. The company has a market capitalization of $445.43 million.

About the company

Synta Pharmaceuticals Corp (NASDAQ:SNTA) is a bio-pharmaceutical company. It focuses on the discovery, development, and commercialization of small-molecule drugs that are used in severe medical conditions of patients suffering from cancer and other inflammatory diseases. As of 31 December 2011, Synta Pharmaceuticals Corp (NASDAQ:SNTA) two different drug-candidates in clinical-trials that were used in the treatment of multiple kinds of cancer. The company also has numerous drug candidates that are in preclinical-stages of development. Synta Pharmaceuticals Corp (NASDAQ:SNTA)’s drug candidates are all discovered as well as developed internally, utilizing its chemical-compound library and integrated-discovery engine.

About Michael Korte

Michael Korte an investigative reporter at GDP Insider and is a breaking news reporter. Michael work includes investigations of misconduct by federal prosecutors and industrial air pollution around the nation's schools. His reporting has been recognized with the Hillman Prize for Newspaper Journalism, the Grantham Prize for Excellence in Reporting on the Environment, and the Philip Meyer Journalism Award for reporting that incorporates social science methods.

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