NEW YORK ( TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Tuesday's session.
Allied Defense Group (ADG) was set to trade higher after Chemring Group agreed to acquire the company for $7.25 a share in an all-cash deal. The three-month average daily volume for Allied Defense is 27,000, according to Yahoo! Finance.
GenVec (GNVC - Get Report) rallied by 26 cents, or 15%, to $2 in the premarket session after the company said it has entered into a research collaboration and license agreement with Novartis (NVS - Get Report) to develop treatments for hearing loss and balance disorders. If certain clinical, regulatory and sales milestones are met, GenVec is eligible to receive up to $213.6 mln, including upfront and milestone payments, in addition to royalties on future sales. The 50-day average daily volume for GenVec is 2 million, according to the Nasdaq.
Chelsea Therapeutics (CHTP) should open higher Tuesday after Roth Capital Partners raised its stock price target to $6 from $5 following a meeting with Chelsea's management, with the firm saying it feels more sanguine about prospects for lead drug Droxidopa to treat neurogenic orthostatic hypotension. The 50-day average daily volume for Chelsea Therapeutics is 462,000.Hersha Hospitality Group (HT - Get Report) may trade higher after R.W. Baird analysts upgraded the stock to outperform from neutral and raised their stock price target to $4 from $3. The firm cited the recent share offering, which helps reduce leverage and increase liquidity. The three-month average daily volume for Hersha Hospitality is 697,000. -- Written by Robert Holmes in Boston. Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.