Targacepts Taking Out 52-Week Highs (TRGT)

Posted in pre-market 
December 3rd, 2009

Targacept, Inc. (NASDAQ: TRGT) is indicated higher in pre-market trading, but on thinner volume than some might expect.  The company has formed a global collaboration and license agreement with AstraZeneca (AZN) for late-stage investigational product TC-5214 for the treatment of major pepressive disorder.  The company will recive $1.24 billion over time in the pact, which compares to a closing market cap of $651.2 million.  At 8:11 AM EST we have seen only 8,000 shares trade hands and the stock is up 9.3% at $25.71.  This is a 52-week high as the range was $2.00 to $24.50 before today.  Average volume is only about 250,000 shares.

JON OGG

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