General Moly, YM BioSciences: Early Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Friday's session.
Neurocrine Biosciences (NBIX) dropped by 40 cents, or 15.4%, to $2.20 after the company priced an offering of 9.1 million shares of its common stock at $2.20 per share. Volume topped 1 million shares, compared to the 50-day average daily volume of 79,000, according to the Nasdaq.
YM BioSciences (YMI) fell by 26 cents, or 18.7%, to $1.13 after the company said it will raise $15 million in a registered direct offering at a price of $1.20 per unit. Each unit consists of one common share and one half of one common share purchase warrant. Volume topped 2.8 million shares, compared to the three-month average daily volume of 223,000, according to the Yahoo! Finance.
Interleukin Genetics (ILI) lost 30 cents, or 20%, to $1.20 after the company said it will raise $5.3 million in a direct offering at a price of $1.20 per unit. Each unit consists of one share of common stock and a warrant to purchase 0.40 of a share of common stock. Volume topped 589,000 shares, compared to the three-month average daily volume of 121,000.General Moly (GMO) surged by 92 cents, or 35.4%, to $3.52 after the mining and exploration company posted a fourth-quarter loss of 3 cents a share, which matched estimates. In addition, General Moly said it will restart engineering efforts at its Mt. Hope project, which were suspended a year ago to conserve cash, following a significant investment and partnership with Hanlong Group. Separately, General Moly also said it has adopted a stockholder rights plan. Volume topped 1.19 million shares, compared to the three-month average daily volume of 170,000. -- Written by Robert Holmes in Boston. Check out all of Friday'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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