Targacept Gets Mixed Results on Drug Trials (TRGT, AZN)
Development stage drug maker Targacept Inc. (NASDAQ: TRGT) is having its troubles these days. Earlier this month the company said it would not seek US Food and Drug Administration approval for its TC-5214 anti-depressant drug following a failed trial. AstraZeneca…
This morning the company announced that another development-stage drug, TC-6987, had failed an exploratory Phase 2 trial and that the company would no longer pursue approval for the drug as a treatment for diabetes. However the drug did meet its trial’s goals as an asthma drug, and Targacept’s CEO noted:
With the positive outcome in our TC-6987 asthma study, we have accomplished our goal of detecting in patients a signal of the potential of NNR [neuronal nicotinic receptors] Therapeutics in the treatment of disorders outside of the CNS, while at the same time further establishing a favorable safety and tolerability profile for this alpha7-selective NNR Therapeutic.
Targacept’s shares are down about -2.4% in early trading today, at $5.26 in a 52-week range of $4.90-$27.22.
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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.
