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Targacept Shares Fall After Depression Medicine Misses Goal

Targacept Inc., developer of an experimental depression treatment with AstraZeneca Plc, had a record drop after the companies said the drug failed to meet the main goal of a clinical trial.

Targacept fell 60 percent to $7.61 at the close of trading in New York, for the biggest decline since the company first sold stock to the public in April 2006. The shares are down 71 percent this year.