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PharmAthene, ICX Technologies: Midday Volume Plays

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

PharmAthene (PIP) surged by $1.70, or 120.6%, to $3.11 following a report in FedBizOpps that Biomedical Advance Research and Development Authority, or BARDA, will negotiate a contract modification with the company, as PharmAthene's activities were relevant for the expansion of the current development effort under BARDA contract. Volume topped 8.83 million shares, compared to the three-month average daily volume of 212,000 shares.

ICX Technologies (ICXT) jumped by $1.62, or 25.7%, to $7.92 as investors piled into airline security plays following a terrorist's attempt to detonate a homemade explosive device on a Detroit-bound aircraft. Reports that airports will implement new body-scanning security equipment pushed ICX shares higher. Volume topped 3.85 million shares, compared to the 50-day average daily volume of 46,000, according to the Nasdaq.

Similarly, Intellicheck Mobilisa (IDN) gained by 28 cents, or 16.1%, to $2.02 after the company issued a press release discussing how its Defense ID access control product could have prevented the terrorist attack on Friday. Steve Williams, chief operating officer of Intellicheck Mobilisa, said Defense ID could have prevented the attack on the Detroit bound plane, since the attempted bomber had identification. Volume topped 314,000 shares, compared to the three-month average daily volume of 27,000.

Cleveland Biolabs (CBLI) jumped by 37 cents, or 16.2%, to $2.65 after the company said it has formally entered into a 50/50 joint venture, Incuron, with Bioprocess Capital Ventures, a Russian Federation venture capital fund, to develop its Curaxin compounds for cancer applications. Bioprocess Capital Ventures will contribute approximately $18 million over three payments to support development. Volume topped 200,000 shares, compared to the 50-day average daily volume of 59,000.

-- Written by Robert Holmes in Boston.

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