Targacept Hosts Analyst Day (TRGT)

Hapoalim is out with its research report today on Targacept TRGT following TRGT's analyst day. In a note to clients, Hapoalim writes, "Targacept hosted an Analyst Day yesterday, highlighting inflammation and Parkinson's disease as its next focus areas. In addition to the new therapeutic areas, Targacept has three Phase 2 trials expected to report, a go/no-go decision expected on AZD1446 and the Phase 2 initiation on TC-6987, all by the end of 1H11. While Targacept's pipeline continues to progress, the main valuation driver, TC-5214, will not have depression data available for another year and so we reiterate our HOLD rating." Hapoalim has a $22 price target on TRGT. TRGT closed yesterday at $21.99.