Targacept Slammed on Failed Drug Trial (TRGT, AZN)
Drug developer Targacept Inc. (NASDAQ: TRGT) and partner AstraZeneca plc (NYSE: AZN) today announced that they will not file for regulatory approval on an anti-depressant drug called TC-5214 following a trial in which the drug did no better than placebo.…
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Targacept’s CEO said that the company has been preparing for this possibility and that it will announce its plans by the end of April. The company has more than $225 million in cash available according to the CEO.
Targacept’s shares are down -27% at $5.41 in a 52-week range of $4.91-$27.22. AstraZeneca’s shares are up about 0.4% at $45.58 in a 52-week range of $40.89-$52.54.
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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
