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