TRGTwill tumble today on this bad news
Targacept and AstraZeneca (AZN) announce remaining TC-5214 Phase 3 efficacy studies do not meet primary endpoint; regulatory filing will not be pursued (TRGT) 7.41 : AstraZeneca (AZN) and Targacept announce top-line results from the remaining Phase 3 studies investigating efficacy, tolerability and safety of TC-5214 as an adjunct therapy to an antidepressant in patients with major depressive disorder who did not respond adequately to initial antidepressant treatment. RENAISSANCE 4 and RENAISSANCE 5, both efficacy and tolerability studies, did not meet the primary endpoint of change on the Montgomery-Asberg Depression Rating Scale total score after eight weeks of adjunct treatment with TC-5214 as compared to placebo. These studies conclude the RENAISSANCE Program for TC-5214. Based on the totality of the results, AstraZeneca and Targacept will not pursue a regulatory filing for TC-5214 as an adjunct treatment for patients with MDD.
It still has TC 5619,6987,6683 but all are in phase 2 not phase 3. June 30th will temper todays drop in that TC6987 topline data is due 6/30 and it is not part of the above.
Many times you get a 40-50% drop with news such as the above but I am thinking a 20- 25% drop should be as dramatic as it gets today and then it levels then climbs a bit before the end of June.
Jmho
Monte who? Why that SOB!
