NEW YORK ( TheStreet) -- Targacept (Nasdaq: TRGT) is trading at unusually high volume Tuesday with 508,718 shares changing hands. It is currently at 4.9 times its average daily volume and trading up $1.03 (+3.6%) at $29.70 as of 4 p.m. ET.

Targacept has a market cap of $767.9 million and is part of the health care sector and drugs industry. Shares are up 8.2% year to date as of the close of trading on Monday.

Targacept, Inc., a biopharmaceutical company, engages in the design, discovery, and development of novel Neuronal Nicotinic Receptors (NNR) Therapeutics for the treatment of diseases and disorders of the central nervous system. The company has a P/E ratio of 74.4, equal to the average drugs industry P/E ratio and above the S&P 500 P/E ratio of 21.8.

TheStreet Ratings rates Targacept as a hold. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and solid stock price performance. However, as a counter to these strengths, we find that the growth in the company's earnings per share has not been good. You can view the full Targacept Ratings Report.

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