GenVec, Allied Defense: Early Volume Plays
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) 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) 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) 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.Select the service that is right for you!
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