Local Community Development Corporations
The Baupost Group LLC, a Boston, MA based hedge-fund became the largest shareholder in Targacept after purchasing 5.65 million shares giving it a 16.9% stake in the company. Targacept's stock was trading between $6.89 and $7.79 during the time the transaction would have occurred putting the value of the transaction somewhere between $38.9 million and $44 million. As with all smaller pharmaceutical companies, Targacept's stock price fluctuates dramatically based on the results of the clinical trials of its drugs: the stock price has been as high as $30.42. The investment by the Baupost Group LLC is vote a strong vote of confidence by a professional investment group.
