New Gold, Poniard: Early Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Monday's session.
Poniard Pharmaceuticals (PARD) said Sunday that its experimental chemotherapy drug picoplatin reduced the severity of nerve damage in patients undergoing treatment for colon cancer, meeting the primary goal of a phase II study. TheStreet.com's Adam Feuerstein notes that Poniard shares rallied 22% Friday ahead of the announcement, which could lead to "sell the news" action Monday. The 50-day average daily volume for Poniard is 4.62 million shares, according to the Nasdaq.
Hansen Medical (HNSN) shares should open lower Monday after the company late Friday announced a $65 million mixed securities shelf offering. The 50-day average daily volume for Hansen is 494,000 shares. The stock closed Friday at $2.90.
Antigenics (AGEN) should trade lower Monday after the company announced Friday at $100 million mixed securities shelf offering. The 50-day average daily volume for Antigenics is 1 million shares. Shares ended trading Friday at 81 cents.New Gold (NGD) may trade higher Monday after the company said it expects annual gold production to increase to 330,000 to 360,000 ounces in 2010 from 301,773 ounces in 2009. The total cash cost in 2009 is expected to fall between $445 to $465 per ounce sold, New Gold said, compared to $462 in 2009. The three-month average daily volume for New Gold is 2.78 million shares, according to Yahoo! Finance. Shares closed Friday at $4.20. -- Written by Robert Holmes in Boston. Check out all of Monday'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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