Diamonds and Dogs
10/28/13Synta Pharmaceuticals Corp. (SNTA)
Synta Pharmaceuticals is getting crushed today, down 20.31% at $5.10. The small molecule therapy company saw its shares fall hard after announcing its one-year follow up results for its Galaxy-1 (ganetespib) trial. Ganetespib in combination with docetaxel reduced the risk of death from the docetaxel monotherapy arm by 25%. While the 25% mark seems to be decent investors were looking for the trial to reduce the risk of death by 30-35%. The lower number has left many investors feeling the remaining trials will continue to lag expectations. Synta shares lost $1.30 today, but are still holding up above their 52-week low of $3.76.
Fusion-io Inc. (FIO)
Fusion-io is skyrocketing today, up 16.14% at $11.08. The hardware and software company saw its shares jump after CEO Shane Robison and Legal Chief Shawn Lindquist bought a hefty number of shares. Robison purchased 105,500 shares at $9.52 a share, while Lindquist snapped up 11,000 for $9.50 a share. The large purchase from these insiders led investors to believe there might be some value built up in the company. Shares of Fusion-io jumped over $1.50 today, but are still well below their 52-week low of $25.28.