Top shareholder dumps stock just before Targacept admits trial result error
This article was originally published in Scrip
Targacept has admitted that mixed data it reported late last month was not as rosy as it originally stated. The news that it had made a mistake of statistical analysis, meaning that the neuronal nicotinic receptor (NNR) modulator TC-6987 only met one not two of its co-primary endpoints in a Phase II study in asthma, came just after an SEC filing showed the firm's biggest shareholder, The Baupost Group, had sold its entire stake of 6 million shares, representing around 18% of the stock.
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