Global Hunter Securities Comments On Taracept Announcement
According to Global Hunter Securities, Targacept (NYSE: TRGT) announced that top-line Phase II TC-5619 data in patients with attention deficit/hyperactivity disorder (ADHD) did not meet the primary efficacy outcome measure.
Global Hunter Securities reported that while there was an absence of stimulant-like efficacy, the findings demonstrated activity in cognitively impaired patients and an impressive safety profile with no serious adverse events reported. “We did not have high expectations for the ADHD study, as the company uses Phase II studies like this one to help identify indications to pursue. The company continues to advance its pipeline initiatives with potentially positive Phase III TC-5214 data in major depressive disorder (MDD) creating an inflection point in Q4:11. We reiterate our Buy rating and $28 fair value estimate.”
Targacept closed yesterday at $25.03.
