Needham & Company Maintains a 'Buy' on Targacept (TRGT); Expect Continued Positive Results from AZN Collaboration

Needham & Company maintains a 'Buy' on Targacept (NASDAQ: TRGT).

Needham analyst says, "Targacept and collaborator AstraZeneca (NYSE: AZN)(Not/Rated) are expected to announce results of the first of several Phase 3 trials in the Renaissance program in 4Q11 (We estimate Oct or Nov). Impressive safety and efficacy was seen in a Phase 2b trial (2009), building on preclinical and clinical data collected from several studies of mecamylamine in this indication. We believe the stock is significantly undervalued ($240M EV)."

For more ratings news on Targacept click here and for the rating history of Targacept click here.

Shares of Targacept closed at $15.86 yesterday.

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