Somaxon, Kimber Resources: Midday Volume Plays
NEW YORK ( TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Monday's session.
Somaxon Pharmaceuticals (SOMX) surged by $1.34, or 44.7%, to $4.34 ahead of a Friday deadline for the Food and Drug Administration to approve the company's Silenor insomnia drug. Volume topped 8.7 million shares, compared to the 50-day average daily volume of 380,000, according to the Nasdaq.
Taseko Mines (TGB) jumped by 38 cents, or 12.3%, to $3.47 after the company it will receive $180 million to joint venture 25% of its Gibraltar Mine with Sojitz Corp.. Volume topped 4.8 million shares, compared to the three-month average daily volume of 2.1 million, according to Yahoo! Finance.
Matrixx Initiatives (MTXX) added 22 cents, or 5.5%, to $4.20 after the Securities and Exchange Commission told the company it has completed its investigation and does not recommend any enforcement against Matrixx. In June, the company received an informal inquiry from the SEC related to a warning letter Matrixx received from the FDA. Volume topped 1.1 million shares, compared to the 50-day average daily volume of 502,000, according to the Nasdaq.ZymoGenetics (ZGEN) jumped by 65 cents, or 11.8%, to $5.17 in the absence of any company-specific news. ZymoGenetics is expected to provide an update at the Piper Jaffray Healthcare Conference on Wednesday. Volume topped 919,000 shares, compared to the 50-day average daily volume of 232,000, according to the Nasdaq. Kimber Resources (KBX) climbed by 26 cents, or 20%, to $1.57, continuing a two-week surge in shares. Briefing.com notes that the stock has now tripled since the company upgraded its mineral resource estimate for the Carmen Deposit at its 100% owned Monterde project in Mexico's Sierra Madre mining district on Nov. 18. Volume topped 690,000 million shares, compared to the three-month average daily volume of 121,000, according to Yahoo! Finance. -- Written by Robert Holmes in New York. Check out all of Monday'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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