Targanta Stumbles As Stock Begins Trading
Cambridge biopharmaceutical company Targanta Therapeutics staggered out of the blocks as its stock made its public debut today. The company (NASDAQ: TARG), which is focused on developing antibiotics to combat serious infections, opened at $10 per share and at just before 2:30 p.m. was limping along at $9.51 (down about 5 percent), not too far from its low for the day of $9.20.
The lackluster trading was not the first disappointment surrounding Targanta’s IPO. Yesterday the company priced 5.75 million shares of common stock at $10 per share, well below its target price range of $12 to $14 per share. The pricing gave Targanta an initial market cap of roughly $210 million.