SGX given market outperform rating from JMP

SGX Pharmaceuticals Inc. was given a market outperform rating and a $12 price target as JMP Securities analyst Charles C. Duncan initiated coverage of the company. The company's most advanced drug candidate, Troxatyl, is a novel compound currently in a pivotal phase 2/3 clinical trial for third-line treatment of acute myelogenous leukemia. The company is also developing a pipeline of oncology drug candidates based on its proprietary drug discovery platform, Fragments of Active Structures (FAST), to identify novel small molecules for challenging targets. Shares of the San Diego biotechnology company were up 48 cents, or 7.08%, at $7.29 on volume of 33,001 shares versus the three-month running average of 23,372 shares. (Nasdaq: SGXP)

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