Poniard, Netlist: Early Volume Plays
NEW YORK (TheStreet) -- Several stocks trading under $5 were poised to move on above-average volume during Wednesday's session.
Poniard Pharmaceuticals (PARD) rose by 18 cents, or 7.3%, to $2.66 in the premarket session one day after the company said current study data shows a combination of its drug candidate picoplatin and chemotherapy works about as well as a standard chemotherapy regimen as a treatment for colorectal cancer. On Monday, Poniard disclosed the failed phase III study of picoplatin in small cell lung cancer. The 50-day average daily volume for Poniard is 2.2 million, according to the Nasdaq.
China Sunergy (CSUN) jumped by 37 cents, or 8.8%, to $4.60 in the premarket session after the company reported third-quarter adjusted earnings of 19 cents a share, well ahead of the Thomson Reuters average estimate of 2 cents a share. Full-year shipments will be between 190 megawatts of solar cells to 200 MW, which is at the high end previous guidance range. The 50-day average daily volume for China Sunergy is 304,000, according to the Nasdaq.
Netlist (NLST) gained 30 cents, or 7.3%, to $4.40 in the premarket session, continuing the recently rally sparked by the introduction of the company's HyperCloud product, the first 16-gigabyte, 2 vRank memory module for computer servers. The 50-day average daily volume for Netlist is 1.1 million, according to the Nasdaq.Oncolytics Biotech (ONCY) plummeted by 55 cents, or 16%, to $2.88 in the premarket session after the company late Tuesday announced a unit offering. The number and the price of each unit, as well as the exercise price of each warrant, will be determined in the context of the market with final terms to be determined at the time of pricing, the company said. Oncolytics intends to use the net proceeds from the offering to fund its previously announced phase III combination Reolysin, a treatment for head and neck cancer. The 50-day average daily volume for Oncolytics is 218,000, according to the Nasdaq. Boise (BZ) gave back 11 cents, or 2.2%, to $4.98 in the premarket session after the company late Tuesday said its secondary offering of 17 million shares of its common stock has been priced at $4.85 a share. The three-month average daily volume for Boise is 1.2 million, according to Yahoo! Finance. -- Written by Robert Holmes in New York. Check out all of Wednesday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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