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Filing Details

Accession Number:: 0001140361-11-027096
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2011-05-12 18:59:22
Reporting Period:: 2011-05-10

Filing Date:: 2011-05-12
Accepted Time:: 2011-05-12 18:59:22
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
1124105	Targacept Inc	TRGT	Pharmaceutical Preparations (2834)	000000000

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1198177	Steven Burrill	C/O Targacept, Inc. 200 East First Street, Suite 300 Winston-Salem NC 27101		Yes	No	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Acquisiton	2011-05-10	16,948	$9.37	16,948	No	4	M	Direct
Common Stock	Disposition	2011-05-10	16,948	$24.04	0	No	4	S	Direct
Common Stock	Disposition	2011-05-10	2,000	$24.13	0	No	4	S	Indirect	By Burrill & Company LLC
Common Stock	Acquisiton	2011-05-11	10,552	$9.37	10,552	No	4	M	Direct
Common Stock	Acquisiton	2011-05-11	7,500	$9.27	18,052	No	4	M	Direct
Common Stock	Acquisiton	2011-05-11	7,500	$7.10	25,552	No	4	M	Direct
Common Stock	Acquisiton	2011-05-11	7,500	$2.71	33,052	No	4	M	Direct
Common Stock	Disposition	2011-05-11	33,052	$23.88	0	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	M	Direct
No	4	S	Direct
No	4	S	Indirect	By Burrill & Company LLC
No	4	M	Direct
No	4	M	Direct
No	4	M	Direct
No	4	M	Direct
No	4	S	Direct

Reported Derivative Transactions

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Sec. Name	Sec. Type	Acquisiton - Disposition	Date	Amount	Price	Amount - 2	Price - 2
Common Stock	Stock Option (Right to Buy)	Disposition	2011-05-10	16,948	$0.00	16,948	$9.37
Common Stock	Stock Option (Right to Buy)	Disposition	2011-05-11	3,052	$0.00	3,052	$9.37
Common Stock	Stock Option (Right to Buy)	Disposition	2011-05-11	7,500	$0.00	7,500	$9.37
Common Stock	Stock Option (Right to Buy)	Disposition	2011-05-11	7,500	$0.00	7,500	$9.27
Common Stock	Stock Option (Right to Buy)	Disposition	2011-05-11	7,500	$0.00	7,500	$7.10
Common Stock	Stock Option (Right to Buy)	Disposition	2011-05-11	7,500	$0.00	7,500	$2.71

Remaning Holdings	Exercise Date	Expiration Date	Equity Swap Involved	Transaction Form Type	Transaction Code	Nature of Ownership
3,052	2007-05-14	2017-05-13	No	4	M	Direct
0	2007-05-14	2017-05-13	No	4	M	Direct
0	2007-06-12	2017-05-13	No	4	M	Direct
0	2008-06-20	2017-06-19	No	4	M	Direct
0	2009-06-09	2018-07-01	No	4	M	Direct
0	2010-06-09	2019-06-16	No	4	M	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	0	Indirect	By Burrill Biotechnology Capital Fund L.P.

Footnotes

The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.00 to $24.19, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $23.99 to $24.23, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
The reporting person is the chief executive officer of Burrill & Company LLC. The reporting person disclaims beneficial ownership of securities owned by Burrill & Company LLC except to the extent of his pecuniary interest therein.
The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $23.50 to $24.04, inclusive. The reporting person undertakes to provide to the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this footnote.
Reflects a prior pro rata distribution by Burrill Biotechnology Capital Fund L.P. of all shares of the issuer previously reported as indirectly held by the reporting person as the managing member of Burrill & Company (Biotechnology GP), LLC, the general partner of Burrill Biotechnology Capital Fund L.P. The reporting person disclaims beneficial ownership of securities owned by Burrill Biotechnology Capital Fund L.P. except to the extent of his pecuniary interest therein.