Targacept , Inc. (NASDAQ:TRGT)

CAPS Rating: 2 out of 5

A biopharmaceutical company engaged in the design, discovery and development of NNR Therapeutics, a new class of drugs for the treatment of multiple diseases and disorders of the central nervous system.

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Member Avatar toyotamoney (33.04) Submitted: 12/23/2013 7:25:45 PM : Outperform Start Price: $4.12 TRGT Score: -14.28

Cheap

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Member Avatar rknapton (< 20) Submitted: 8/22/2013 5:05:19 PM : Underperform Start Price: $4.84 TRGT Score: +38.67

Short. Biopharma with dwindling revenues.

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Member Avatar AnsgarJohn (99.23) Submitted: 5/31/2013 6:21:16 AM : Outperform Start Price: $5.65 TRGT Score: -51.00

CAPS player vanamonde

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Member Avatar InveniamViam (66.70) Submitted: 3/22/2013 1:56:48 PM : Outperform Start Price: $4.37 TRGT Score: -37.66

Am I reading this right?

1Q 2013 Balance Sheet :

Cash $166MM + ST Investments $48MM = $214MM

Shares Outstanding 33.61MM

So $6.37 per share in cash and ST investments with almost no debt (looks like about $2MM in long term debt)? They also have a few potential drug candidates that look like they stand a decent shot at approval. Am I willing to buy $6.37 in cash for $4.25 / share with a good shot at a drug approval over the next two years? You're darn right. I would venture a guess that this will bounce higher between now and the end of the year. I would say $7 is a possible target by end of 2013.

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Member Avatar usubanas (99.50) Submitted: 11/20/2012 2:35:49 AM : Outperform Start Price: $4.74 TRGT Score: -54.04

What they said on the 3Q'12 call:

TC-5619 schizo results now 4Q'13
AZD3480 Alzheimer's results middle 2014

Long wait.

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Member Avatar headyinvestor (89.77) Submitted: 4/11/2012 8:50:53 AM : Outperform Start Price: $4.25 TRGT Score: -52.86

This stock can't possibly get beat up anymore.... (knocks on wood)... interesting mechanism of action, figure some movement in the clinical development status will up the price

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Member Avatar stainsolution (36.17) Submitted: 4/9/2012 7:43:15 PM : Outperform Start Price: $4.40 TRGT Score: -55.28

Stock got crushed....has to be some value here.

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Member Avatar SamsaricSufferer (< 20) Submitted: 4/1/2012 6:34:39 PM : Outperform Start Price: $5.08 TRGT Score: -64.33

Targacept carries more cash on their books than their present market cap. It is especially attractive at this price. They have a strong strategic relationship with AZN. They have a deep pipeline targeting broad markets. In one example TC-6987 was studied in two phase-2 protocols in both diabetes and asthma. The diabetes study was no better than placebo in controlling fasting blood sugar, while the asthma study demonstrated statistically significant symptom improvements versus placebo. The compound was also well tolerated with few adverse events in either study. While the diabetes study showed no benefit the tolerability and pharmacokinetic data is still useful in furthering study for an asthma indication. Bringing drugs from the lab to market remains expensive and serendipitous. All it takes is one moderately successful drug to make this company. Targacept has the capital, expertise, and pipeline to produce at least one such candidate.

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Member Avatar jed71 (32.60) Submitted: 3/30/2012 10:53:43 AM : Outperform Start Price: $5.17 TRGT Score: -65.78

Many have already commented on the ludicrous value being assigned to TRGT. Several good potential drugs in the pipeline and trading at less than cash and ST invetments. I have bought in RL @ $5.19.

Do your own research.

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Member Avatar vanamonde (99.97) Submitted: 3/29/2012 8:10:14 AM : Outperform Start Price: $5.84 TRGT Score: -84.13

I am puzzled both by valuation and short ratio for TRGT.

Zzlangerhans has a longer informative piece written here. Since then we have had a decision to drop TC-5214 (no big surprise, although the chart shows that market decided to be surprised three times in a row), a positive decision by AstraZeneca to move forward with AZD-1446 and a 50/50 outcome for TC-6987.

In summary, we now we have a company with two serious partnerships with big pharma and still a decent pipeline trading at below enterprise value. At these depressed levels and with their cash I would think that any risks from dilution are nil for another year at least, so I really wonder what is the rationale going or staying short at this point? Where would the downside risk come from?

I am leaning heavily in the other direction and have allocated abnormally high share of my portfolio to TRGT at average cost of $5.12.

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Member Avatar jeffaim (96.10) Submitted: 3/21/2012 2:55:59 PM : Outperform Start Price: $5.09 TRGT Score: -64.69

Strong pipeline, wide-ranging applications to NNR research, and smart management. If I had real money, this is the long term longshot that I'd put 20% of it into.

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Member Avatar RBuskey106 (41.40) Submitted: 3/21/2012 11:29:35 AM : Outperform Start Price: $5.15 TRGT Score: -65.91

Good Fundamentals. Plenty of Cash to sustain/survive. Oversold.

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Member Avatar TMFBiologyFool (97.11) Submitted: 3/20/2012 1:45:14 PM : Outperform Start Price: $5.30 TRGT Score: -67.69

Trading at less than cash. Some pipeline-desperate pharma will pick it up.

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Member Avatar bIlluminati (29.97) Submitted: 3/13/2012 7:23:40 PM : Outperform Start Price: $7.50 TRGT Score: -89.48

Sales are close to breakeven. Price/salews unusually low for a biotech company. Stock is trending up and has almost closed the December gap. Consider a tight stop on this one.

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Member Avatar Imhilion (41.95) Submitted: 1/10/2012 8:19:39 AM : Outperform Start Price: $5.74 TRGT Score: -85.32

Instrinsic value

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Member Avatar dbensou (57.76) Submitted: 12/13/2011 10:37:05 PM : Outperform Start Price: $7.63 TRGT Score: -110.56

Klarman buy

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Member Avatar TheReff51 (< 20) Submitted: 5/31/2010 2:15:24 PM : Outperform Start Price: $22.14 TRGT Score: -165.01

Great line of drugs coming & nearing approval

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Member Avatar OptionsWizard (21.45) Submitted: 12/26/2009 7:03:20 PM : Underperform Start Price: $22.24 TRGT Score: +157.73

Going to come back to reality.

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Member Avatar noescaper (24.81) Submitted: 11/6/2009 1:52:47 AM : Underperform Start Price: $19.36 TRGT Score: +166.09

I am with UltraLong on this.

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Member Avatar EtamarL (56.72) Submitted: 10/15/2009 4:38:38 AM : Underperform Start Price: $16.34 TRGT Score: +162.31

Here's a classic, I'm afraid. This stock is up 500% on some good milestone news. Their drug still has a way to go before final approval for marketing, and the stock is already valued 17 times earnings, bringing it to small cap range of $500M.

At half a billion dollars worth, I think this stock is a little ahead of itself, and should be fairly traded more in the vicinity of 6-8 times its earnings. These are unlikely to grow in the immediate future due to the good news we've heard.

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