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Tuesday, November 8, 2011

Targacept, Inc. (TRGT) Stock Drops 60% - Depression Drug Fails

By Tim -

November 8, 2011 - Targacept, Inc. (TRGT) stock is getting crushed this morning after It's depression drug trial missed big time. Targacept, Inc. (TRGT) is trading at $8.25, Down 57% in pre market trading today.

AstraZeneca and Targacept Announce First Top-line Phase 3 Results for TC-5214 as an Adjunct Treatment in Patients with Major Depressive Disorder

AstraZeneca and Targacept, Inc. today announced top-line results from the first of four RENAISSANCE Phase 3 studies investigating the efficacy and tolerability of TC-5214 as an adjunct therapy to an antidepressant in patients with major depressive disorder (MDD) who do not respond adequately to initial antidepressant treatment. The study did not meet its primary endpoint of change on the Montgomery-Asberg Depression Rating Scale (MADRS) after eight weeks of treatment with TC-5214 as compared to placebo.

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