Midday Movers: Pump Up the Volume
NEW YORK ( TheStreet) -- Several small-cap stocks were moving on above-average volume during Thursday's session
Labopharm (DDSS) continued to surge, rising 8 cents, or 4.3%, to $1.96 after jumping 38.2% Wednesday. Labopharm Thursday said that its wholly owned subsidiary, Labopharm Europe Limited, has completed a distribution and supply agreement with Grunenthal GmbH for its twice-daily tramadol acetaminophen formulation for a number of European countries. Labopharm will receive 3.5 million Euros on signature and up to 4 million Euros in milestone payments upon achievement of certain regulatory and product reimbursement approvals prior to the launch of the product. Volume topped 4.2 million shares, compared to the 50-day average daily volume of 489,000, according to the Nasdaq.
Tri-Valley (TIV) shares jumped 30 cents, or 10.9%, to $3.06 as volume topped 1.1 million shares, surpassing the three-month average daily volume of 390,000. There was no company-specific news released on Tri-Valley, although investor posts on Internet message boards argued that the stock was coming up against overhead resistance and could be ready for a breakout.
Astrotech (ASTC) was on the rise, climbing 39 cents, or 19.1%, to $2.43. In late September, shares surged on strong fiscal fourth-quarter earnings and had been in a steady slope downward before Thursday's session. Volume topped 970,000 shares, compared to the 50-day average daily volume of 197,000, according to the Nasdaq. Investors on Internet message boards noted the small float of only 13 million shares, which makes the stock easy to push around. Bearish investors called the stock another pump-and-dump name for daytraders.GenCorp (GY) was on the rise with volume that was three times greater than usual after the company swung to a third-quarter profit. Shares were gaining 54 cents, or 9.7%, to $6.09 on volume that topped 1.4 million, well above the three-month average daily volume of 547,000 shares. Cell Therapeutics (CTIC) gave back some of Wednesday's 16.3% rally as the stock was down 3 cents, or 2.7%, to $1.11 during Thursday's session. Shares have been in a recent downtrend, falling more than 20% over the last month on above-average volume. Volume topped 26.8 million shares, compared to the 50-day average daily volume of 25 million, according to the Nasdaq. -- Written by Robert Holmes in New York.
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