SkyPeople, NexMed: Late Day Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Wednesday's session.
NexMed (NEXM) rallied by 19 cents, or 35.8%, to 75 cents after the company said it received an update on the Canadian approval process for its Vitaros erectile dysfunction treatment. No pre-clinical or clinical deficiencies cited in the notice, NexMed said, which should clear a pathway to obtain marketing approval of the product in Canada. Volume topped 25.62 million shares, compared to the 50-day average daily volume of 8.09 million, according to the Nasdaq.
LTX-Credence (LTXC) jumped by 32 cents, or 16.5%, to $2.26 after Craig-Hallum Capital analysts initiated coverage of the stock with a buy rating and a price target of $4, according to several reports. Volume topped 3.85 million shares, compared to the 50-day average daily volume of 505,000.
Oilsands Quest (BQI) fell by 14 cents, or 12.3%, to $1 after the company announced an asset sale and management shakeup. Oilsands said it sold its oil shale assets located near Pasquia Hills in Saskatchewan to Canshale Corp. for C$1 million in cash and 8 million shares of Canshale. The transaction is conditional on Canshale raising a minimum of C$12.5 million. In addition, President and CEO Christopher Hopkins resigned as of Jan. 15 to head up Canshale, which he formed. T. Murray Wilson, Executive Chairman of Oilsands, will assume the additional roles of president and CEO. W. Scott Thompson and Thomas Milne resigned from the board of directors of Oilsands on Jan. 15 and will join the board of directors of Canshale Volume topped 9.26 million shares, compared to the three-month average daily volume of 3.25 million, according to Yahoo! Finance.SkyPeople Fruit Juice (SPU) surged by $1.27, or 23.2%, to $6.75 after the company offered preliminary results for 2009 and guidance for 2010. The company said it expects 2009 full-year revenue of $58 million to $60 million and net income of $15 million to $16 million, a sharp increase from a year ago. For 2010, it expects revenue to rise to a range of $92 million to $102 million and for net income to increase to $19 million to $21 million. Volume topped 1 million shares, compared to the three-month average daily volume of 105,000. -- 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.
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