Sequenom, Delta Petroleum: Early Volume Plays

NEW YORK (TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Thursday's session.

Sequenom (SQNM) tumbled by 38 cents, or 9.1%, to $3.80 in the premarket session after Xenomics said that an ongoing internal investigation has led it to conclude that Sequenom willfully manipulated its Down syndrome data in its presentations, fraudulently inducing Xenomics into granting Sequenom an exclusive license to its transrenal technology. The 50-day average daily volume for Sequenom is 4.92 million shares, according to the Nasdaq.

Delta Petroleum (DPTR) jumped by 14 cents, or nearly 11%, to $1.42 in the premarket session after the company said it has settled litigation with the federal government over offshore California. As part of the settlement, Delta will receive gross proceeds of $65 million, which will result in approximately $50 million net to the company after all contingent payments to third parties. The stock has jumped in recent sessions on speculation it could be an acquisition target in the wake of Exxon Mobil's (XOM) buyout of XTO Energy (XTO). The 50-day average daily volume for Delta Petroleum is 8.39 million.

EF Johnson Technologies (EFJI) dropped by 33 cents, or 24.6%, to $1.01 in the premarket session after the company said it would not make its previously announced goal of achieving operating profitability for fiscal year 2009, as fourth-quarter revenue and gross margins will be lower than previously anticipated. As a result, EJ Johnson said it may be unable to meet its fourth quarter minimum earnings before interest, taxes, depreciation and amortization, or EBITDA, covenant under a credit facility. The 50-day average daily volume for EF Johnson is 182,000.

Anadys Pharmaceuticals (ANDS) plunged by 61 cents, or 20.8%, to $2.33 in the premarket session even after the company said that its ANA598 treatment for hepatitis C demonstrated positive four-week results in a Phase II study. The 50-day average daily volume for Anadys is 537,000.

Schiff Nutrition (WNI) dropped by 45 cents, or 7.2%, to $5.84 in the premarket session even after the company reported fiscal second-quarter earnings of 20 cents a share, doubling its year-ago profit to beat the Thomson Reuters average estimate for a profit of 9 cents a share. Revenue climbed 14% from a year ago to $53.8 million, also beating consensus targets. The three-month average daily volume for Schiff Nutrition is 53,000, according to Yahoo! Finance.

-- Written by Robert Holmes in Boston.

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