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Sunesis, Pier 1 Imports: Midday Volume Plays

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

Sunesis Pharmaceuticals (SNSS) jumped by 19 cents, or 20.9%, to $1.10 after Jefferies raised their price target to $2 from $1.50. Analysts argued that Sunesis may have made progress in negotiations with the Food and Drug Administration over its cancer drug Voreloxin registration strategy and design of pivotal trial. Jefferies added that this should incrementally decrease regulatory risk and bring Sunesis closer to a potential Voreloxin partnership or becoming an acquisition candidate. Volume topped 12.79 million shares, compared to the 50-day average daily volume of 7.91 million, according to the Nasdaq.

Pier 1 Imports (PIR) gained 50 cents, or 9.2%, to $5.96 after an Oppenheimer analyst upgraded the retailer's stock to outperform from perform while raising the stock price target to $9 from $3.50. The firm cited improved sales results. Volume topped 4.07 million shares, compared to the three-month average daily volume of 2.01 million, according to Yahoo! Finance.

ADDvantage Technologies (AEY) jumped by 21 cents, or 10.2%, to $2.26 after the cable TV hardware company posted a fiscal first-quarter profit of 8 cents a share on revenue of $10.2 million. Volume topped 70,000 shares, compared to the three-month average daily volume of 13,000.

-- Written by Robert Holmes in Boston.

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