SGX keeps market outperform rating by JMP

SGX Pharmaceuticals, Inc. was reiterated at market outperform with a $12 price target by JMP Securities analyst Charles C. Duncan. The company announced a strategic alliance with Novartis to develop Gleevec-resistant chronic myelogenous leukemia drug candidates based on SGX's Fragments of Active Structures (FAST) technology. Milestone payments to SGX could total $515 million. JMP believes Novartis is an ideal collaborator based on its extensive experience in clinical development and commercialization of cancer drugs. The analyst lowered his 2006 loss-per-share estimate to $2.13 from $2.16. Shares of the San Diego biotechnology company were up 92 cents, or 11.69%, at $8.79 on volume of 661,611 shares versus the three-month running average of 19,933 shares. (Nasdaq: SGXP)

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