Drug developer Targacept Inc. (NASDAQ: TRGT) and partner AstraZeneca plc (NYSE: AZN) today announced that they will not file for regulatory approval on an anti-depressant drug called TC-5214 following a trial in which the drug did no better than placebo. The writing has been on the wall on TC-5214 since an announcement in December that the drug had failed to meet its endpoint in a phase II trial.
Targacept’s CEO said that the company has been preparing for this possibility and that it will announce its plans by the end of April. The company has more than $225 million in cash available according to the CEO.
Targacept’s shares are down -27% at $5.41 in a 52-week range of $4.91-$27.22. AstraZeneca’s shares are up about 0.4% at $45.58 in a 52-week range of $40.89-$52.54.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.