Targanta Stumbles As Stock Begins Trading

10/10/07Follow @bbuderi

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.

Bob is Xconomy's founder and editor in chief. You can e-mail him at bbuderi@xconomy.com, call him at 617.500.5926. Follow @bbuderi

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