Needham & Company Reiterates a 'Strong Buy' on Targacept (TRGT); 3Q11 Review; TC5214 Phase 3 Results in Depression Coming in November

Needham & Company reiterates a 'Strong Buy' on Targacept (NASDAQ: TRGT) price target of $32.00.

Needham analyst says, "Targacept management provided a corporate update in a quarterly conference call yesterday. Results from the first of four TC-5214 Phase 3 trials in depression (REN3) are expected later this month (narrowed from 4Q11). Results from the other three trials are still expected in 1H12. We continue to expect a favorable outcome for this program based on prior preclinical and clinical data and believe the stock is substantially undervalued (~$500M EV), considering the commercial potential for a differentiated adjunctive agent in depression."

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

Shares of Targacept closed at $18.26 yesterday.

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