Incyte, Sequenom: Early Volume Plays

NEW YORK (TheStreet) -- Several stocks trading under $10 were poised to move on above-average volume during Monday's session.

Incyte (INCY Quote) jumped by 78 cents, or 10%, to $8.50 in the premarket session after the company nabbed a licensing deal with Swiss drug giant Novartis(NVS Quote). The deal will pay Incyte $150 million up front for access to therapies to treat patients with life-threatening blood disorders and cancers. The 50-day average daily volume for is 3.3 million, according to the Nasdaq.

Sequenom (SQNM Quote) dropped by 19 cents, or 4.3%, to $4.23 in the premarket session, just a day after the company's stock price had gone on a meteoric rise of 40%. As the results of the company's trials are hotly debated by traders, activity should remain volatile in the stock price of the high-risk diagnostic and genetic analysis company. The 50-day average daily volume for is 5.8 million, according to the Nasdaq.

Brocade Communications (BRCD Quote) rose by 11 cents, or 1.5%, to $7.21 in the premarket session, a day after the company suffered a 7% drop in share price when its CEO denied a report that it was on the hunt for a buyer. The 50-day average daily volume for is 26.9 million, according to the Nasdaq.

Most Popular Apple's Decade: How It Can Hit $500

Most Commented Biotech Stock Mailbag: FDA Playbook

DryShips (DRYS Quote) saw a 3-cent increase, or 0.5%, to $6.38 in the premarket session, picking up right where it left off on Tuesday, when the stock was the biggest gainer in the recently hot dry bulk shipping sector, with a 2% gain. The 50-day average daily volume for is 26.9 million, according to the Nasdaq.

-- Written by Eric Rosenbaum in New York.

Check out all of Wednesday's high-volume, $5 stocks at the Dollar Store