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StemCells, Hutchison Telecom: Midday Volume Plays

Stocks in this article: STEM HTX

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

StemCells (STEM) rallied by 9 cents, or 6.6%, to $1.46 following a Science Daily report that biologists have developed an efficient way to genetically modify human embryonic stem cells. Their approach, which utilizes bacterial artificial chromosomes, will make possible the rapid development of stem cell lines that can both serve as models for human genetic diseases and as testbeds on which to screen potential treatments, the article said. Earlier in the session, StemCells shares jumped as high as $1.58. Volume topped 9.72 million shares, compared to the 50-day average daily volume of 3.48 million, according to the Nasdaq.

Mannatech (MTEX) jumped by 16 cents, or 5.3%, to $3.16 after the company said a randomized, double-blind, placebo-controlled study found that its Ambrotose complex improves cognition and well-being in healthy middle-aged adults. Volume topped 83,000 shares, compared to the 50-day average daily volume of 64,000 shares.

Adeona Pharmaceuticals (AEN) surged by 52 cents, or 49.1%, to $1.58 after the company said that the ongoing clinical trial of its Trimesta drug candidate for treatment of Multiple Sclerosis has received an additional $860,440 in grant funding through the American Recovery and Reinvestment Act. Dr. Rhonda Voskuhl, director of the UCLA Multiple Sclerosis Program, said the additional funding has already had a "very positive impact" on the trial by increasing the rate of enrollment.. Volume topped 8.54 million shares, compared to the three-month average daily volume of 472,000, according to Yahoo! Finance.

Hutchison Telecom (HTX) gained 85 cents, or 25.6%, to $4.17 per American Depositary Receipt on an offer to take the Hong Kong company private. Hutchison Whampoa Group, the company's majority shareholder, offered 2.20 Hong Kong dollars a share, representing a premium of 33.3% to Hutchison Telecom's price of 1.65 Hong Kong dollars on Monday. Trading in Hutchison Telecom shares had been suspended as of 2:30 p.m. EST on Jan. 4. Volume topped 740,000 shares, compared to the three-month average daily volume of 146,000 shares.

-- Written by Robert Holmes in Boston.

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