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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001140361-07-005197.txt : 20070307
<SEC-HEADER>0001140361-07-005197.hdr.sgml : 20070307
<ACCEPTANCE-DATETIME>20070307172104
ACCESSION NUMBER:		0001140361-07-005197
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20061106
FILED AS OF DATE:		20070307
DATE AS OF CHANGE:		20070307

ISSUER:		

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

	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

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Dunbar Geoffrey C
		CENTRAL INDEX KEY:			0001296025

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51173
		FILM NUMBER:		07678628

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		3384802100

	MAIL ADDRESS:	
		STREET 1:		C/O TARGACEPT, INC.
		STREET 2:		200 EAST FIRST STREET, 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>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-11-06</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001296025</rptOwnerCik>
            <rptOwnerName>Dunbar Geoffrey C</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>0</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>VP Clin. Dev. &amp;  Reg. Affairs</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2006-11-06</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>11856</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>1.75</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>34458</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-11-06</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>M</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>11856</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F2"/>
            </exerciseDate>
            <expirationDate>
                <value>2013-10-30</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>11856</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>47420</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The portion of this option that was not yet exercisable as of March 31, 2005 has an exercise price of $1.75 per share.  The portion of this option that was exercisable as of March 31, 2005 has an exercise price of $5.10 per share.  The exercise price for the portion of the option exercised by the reporting person and reported on this Form 4 was $1.75 per share.</footnote>
        <footnote id="F2">This option vests 25% on January 21, 2003, and then in equal installments at the end of the following 16 calendar quarters.</footnote>
    </footnotes>

    <remarks></remarks>

    <ownerSignature>
        <signatureName>/s/ Peter A. Zorn, Attorney-in-Fact</signatureName>
        <signatureDate>2007-03-07</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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