Shares of Targacept (TRGT) traded heavily, and suddenly, late during Tuesday's trading. While the stock price popped along with the volume surge, shares ended down 3 pennies at $8.90. The day's total volume was more than 5x the 3-month daily average.
Targacept engages in the design, discovery, and development of drugs for the treatment of multiple diseases and disorders of the central nervous system. As of December 31, 2006, the company had four clinical-stage product candidates and three preclinical product candidates in its product portfolio.
Targacept's market cap is a tiny $170 million with more than $54 million in cash holdings, and $1.4 million in debt as last reported by Yahoo!Finance.
I caught the volume surge in time before the end of trading and purchased shares at $9.25. While shares ended regular hours trading at $8.90, a trade of $9.37 was registered after hours at 6:04 pm, again according to Yahoo!.
Shares of Targacept did not make BHI's BioWatch Alert list however, as a price jump of at least 5% is required before the end of regular trading hours.
But Wednesday's trading session should prove interesting for Targacept shares. Keep a close eye on this stock today!
Disclosure: Author owns stock in TRGT.