Synta shares fall after lung cancer trial results

CHICAGO (Reuters) – Shares of Synta Pharmaceuticals Corp fell by nearly one-third on Monday morning on disappointing results from its trial of an experimental lung cancer drug. The drug, ganetespib, was shown in a mid-stage trial to improve survival in patients with advanced lung cancer that worsened after initial treatment, but the results led some investors to reassess the outlook. BMO analyst Jim Birchenough said that while the risk of death and disease progression appears positive for ganetespib, the difference in patient deaths is relatively small. …