Global Hunter Securities Downgrades Targacept (TRGT) to Neutral
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Price: $0.96 --0%
Rating Summary:
0 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 9
Rating Summary:
0 Buy, 6 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 19 | Down: 16 | New: 9
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Global Hunter Securities downgraded Targacept (NASDAQ: TRGT) to Neutral.
The firm commented: "On December 20 before the open, TRGT and partner AstraZeneca PLC (AZN) reported top-line data from the Renaissance 2 phase III trial of TC-5214, in major depressive disorder (MDD). Like the previously-reported Renaissance 3 study, this trial also failed to reach its primary endpoint, which was the change in the Montgomery-Asburg Depression Rating Scale (MADRS) vs placebo at eight weeks. TRGT shares are trading down on this news, as it further reduces expectations that the remaining phase III trials, Renaissance 4 and 5, will succeed. As a reminder, both are expected to report top-line data in 1H12. Based on today's news we are lowering our rating to Neutral from Accumulate and removing our price target. While success with the ongoing studies could lead to upside, in our view the chances of both trials succeeding have declined. Pending further clarity or pipeline progress, we expect the shares to trade in line with the market."
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 $7.78 yesterday.
The firm commented: "On December 20 before the open, TRGT and partner AstraZeneca PLC (AZN) reported top-line data from the Renaissance 2 phase III trial of TC-5214, in major depressive disorder (MDD). Like the previously-reported Renaissance 3 study, this trial also failed to reach its primary endpoint, which was the change in the Montgomery-Asburg Depression Rating Scale (MADRS) vs placebo at eight weeks. TRGT shares are trading down on this news, as it further reduces expectations that the remaining phase III trials, Renaissance 4 and 5, will succeed. As a reminder, both are expected to report top-line data in 1H12. Based on today's news we are lowering our rating to Neutral from Accumulate and removing our price target. While success with the ongoing studies could lead to upside, in our view the chances of both trials succeeding have declined. Pending further clarity or pipeline progress, we expect the shares to trade in line with the market."
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 $7.78 yesterday.
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