metatastic melanoma drug in clinical 3 trial. GSK in collabration

Stockpickr suggestion

The first reason we looked at Synta Pharmaceuticals Corp. (SNTA) was because we saw superstar investor and board member Bruce Kovner from Caxton Associates recently purchased 70,467 shares or nearly $600,000 worth of stock.

Caxton is a $16 billion dollar New York-based trading and investment firm founded in 1983 by the legendary billionaire macro trader Kovner. Over the past ten years Caxton has supposedly returned 28%+ annually.

The Lexington, MA based biotechnology company recently announced that its lead compound STA-4783 showed positive results in a mid-stage study for metastatic melanoma. Synta also said that plans to initiate a Phase III clinical trial to investigate STA-4783 as a first-line therapy for patients with metastatic melanoma in mid-2007. The stock also has received an Outperform rating from Bear Stearns.

A Director, Bruce Kovner, bought 70,467 shares; value $594,000