China BAK, Compugen: Early Volume Plays

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

China BAK Battery (CBAK) tumbled by 87 cents, or 23.9%, to $2.77 in the premarket session, giving back some of the previous session's rally. Tuesday's 63.2% surge came on market chatter that Google (GOOG) had selected China BAK's lithium polymer cell-based battery in the Google Nexus One phone. Bloomberg reported Wednesday that China BAK CFO Tony Shen said the company hasn't won any orders from Google. The 50-day average daily volume for China BAK is 1.21 million shares, according to the Nasdaq.

Compugen (CGEN) gained 23 cents, or 5%, to $4.85 in the premarket session after the company said it has completed $20 million offering of 4.1 ordinary million shares at weighted average price of $4.91 per share. The 50-day average daily volume for Compugen is 1.21 million shares.

Spectranetics (SPNC) rose by 24 cents, or 3.5%, to $7.20 in the premarket session, building on Tuesday's 15% rally, after Canaccord Adams analysts upped their price target to $11 from $9. On Tuesday, Spectranetics said a federal investigation that was initiated by the Food and Drug Administration and Immigration and Customs Enforcement in September 2008 had been resolved, releasing the company from criminal and civil prosecution. The 50-day average daily volume for Spectranetics is 109,000 shares.