Saying they believe the valuation on Targacept (NASDAQ:TRGT) is too low, Needham & Company maintains their "Buy" rating on the company.
"Targacept is scheduled to hold an investor R&D day tomorrow (Thursday) in NYC. Valuation is low in our opinion (EV $340MM), given the strength of the TC-5214 program in depression and the depth of the NNR pipeline in cognition and inflammatory disease...We continue to believe the depression market is attractive for add-on agents," said Needham.
Targacept closed Wednesday's trading session at $21.84, increasing by $0.64, or 3.02 percent. Needham as a price target on them of $32.
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