Rochester, NY 8/10/2009 3:23:45 PM
After Hours - Targacept,Inc., TRGT - Targacept shares declines by 10% on investors' stock sales
Targacept,Inc.
Targacept Inc.'s share price has been trading heavily on stock market in the past 3½ weeks, but it suffered a major decline on profit recently that it hit at $10.79 a share at close market.
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Market Analysts said that this could be due to two reasons: profit-taking by investors and reaction to the decision by a top executive, Merouane Bencherif, a vice president of preclinical research, to sell 42,271 shares -- or 18 percent of his holdings -- for $10.14 a share, this was based on a regulatory filing reported Wednesday.
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