Targacept ( TRGT) surged on news that the biopharmaceutical firm will receive a $20 million milestone payment from AstraZeneca ( AZN) in connection with the latter's decision to continue developing a proposed treatment for Alzheimer's and schizophrenia. Targacept shares were up $1.70, or 22.9%, to $9.14. AstraZeneca was adding 26 cents, or 0.5%, to $53.84.

PFSweb ( PFSW) jumped after the Web-commerce company struck a deal with Fathead, an online purveyor of large vinyl wall stickers. Texas-based PFSweb will handle Fathead product orders, inventory, distribution, returns processing and customer service. Terms weren't specified. Shares were up 20 cents, or 18.7%, to $1.27.

Vascular Solutions ( VASC) climbed on word regulators approved its D-Stat Flowable hemostat product for a new use. The Minneapolis-based company says that the product can now help prevent the formation of clinically significant hematomas in patients implanted with pulse generators, especially for those simultaneously treated with anticoagulants. D-Stat was previously approved for topical applications in 2002. Shares were trading up $1.19, or 15.8%, to $8.75.

Euro Tech Holdings ( CLWT) plummeted after the Hong Kong-based company, which distributes water-treatment equipment, said it will take a 20% stake worth up to $4.5 million in Zhejiang Tianlan Desulfurization and Dust-Removal. Euro Tech predicts that demand for Zhejiang's services will increase as the Chinese government imposes restrictions on China's burgeoning sulfer dioxide emissions. Shares, however, were down 92 cents, or 19.1%, to $3.91.

Wolverine Tube ( WLV) fell on news that it will be delisted by the New York Stock Exchange because it no longer meets minimum market capitalization requirements. The Huntsville, Ala.-based copper-products maker will now trade on the OTC Bulletin Board. Shares were losing 16 cents, or 12%, to $1.18.

Telik ( TELK) dropped again following downgrades by three research firms. Analysts with Thomas Weisel, UBS and Needham & Co. all cut their ratings on the California-based pharmaceutical company. Prudential maintained an underweight rating on the stock. Telik plunged Tuesday after its proposed cancer drug, Telcyta, failed two late-stage studies. Shares were down 25 cents, or 5.2%, to $4.52.

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