UPDATE: MKM Partners Downgrades Targacept (TRGT) to Neutral

December 18, 2013 7:23 AM EST
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Price: $0.96 --0%

Rating Summary:
    1 Buy, 7 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 19 | Down: 19 | New: 13
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(Updated - December 18, 2013 11:43 AM EST)

MKM Partners downgraded Targacept (NASDAQ: TRGT) from Buy to Neutral with a price target of $4.50.

Analyst Jon LeCroy said, "The failure of TC-5619 in negative symptoms of schizophrenia, was the second major failure for this compound (failed in ADHD in September 2012) and the fourth failure for Targacept’s nicotinic platform in two years. TC-6987 failed in asthma in 2012 and TC-5214 failed in depression in 2012. We are becoming increasingly cautious on Targacept’s two remaining mid-stage clinical programs (TC-5214 for overactive bladder and TC-1734 for Alzheimer’s Disease) and with shares now trading near our $4.50 fair value estimate, we are downgrading the company from Buy to Neutral."

For an analyst ratings summary and ratings history on Targacept click here. For more ratings news on Targacept click here.

Shares of Targacept closed at $3.91 yesterday.

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