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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001140361-10-026108.txt : 20100618
<SEC-HEADER>0001140361-10-026108.hdr.sgml : 20100618
<ACCEPTANCE-DATETIME>20100618143028
ACCESSION NUMBER:		0001140361-10-026108
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100617
FILED AS OF DATE:		20100618
DATE AS OF CHANGE:		20100618

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Richard John P
		CENTRAL INDEX KEY:			0001296528

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51173
		FILM NUMBER:		10905559

	MAIL ADDRESS:	
		STREET 1:		C/O TARGACEPT, INC.
		STREET 2:		200 EAST FIRST STREET, SUITE 300
		CITY:			WINSTON-SALEM
		STATE:			NC
		ZIP:			27101

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TARGACEPT INC
		CENTRAL INDEX KEY:			0001124105
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		200 EAST FIRST STREET
		STREET 2:		SUITE 300
		CITY:			WINSTON-SALEM
		STATE:			NC
		ZIP:			27101
		BUSINESS PHONE:		3364802100

	MAIL ADDRESS:	
		STREET 1:		200 EAST FIRST STREET
		STREET 2:		SUITE 300
		CITY:			WINSTON-SALEM
		STATE:			NC
		ZIP:			27101
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-06-17</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001124105</issuerCik>
        <issuerName>TARGACEPT INC</issuerName>
        <issuerTradingSymbol>TRGT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001296528</rptOwnerCik>
            <rptOwnerName>Richard John P</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O TARGACEPT, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>200 EAST FIRST STREET, SUITE 300</rptOwnerStreet2>
            <rptOwnerCity>WINSTON-SALEM</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>27101</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable></nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>22.76</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-06-17</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>7500</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2020-06-16</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>7500</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>7500</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">This stock option vests and becomes exercisable in full on the earlier of (i) June 17, 2011 or (ii) the business day immediately preceding the date of the issuer's annual meeting of stockholders that occurs in 2011, provided that the reporting person remains in service as a director on such earlier date.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Peter A. Zorn, Attorney-in-Fact for John P. Richard</signatureName>
        <signatureDate>2010-06-18</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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