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eOn Communications, Compugen: Early Volume Plays

NEW YORK ( TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Tuesday's session.

Biolase Technology (BLTI) opened higher by 32 cents, or 17.3%, to $2.17 after the medical technology company said it has received 510(k) clearance from the Food and Drug Administration to market its iLase diode laser, which it says is the first personal laser for minimally invasive soft-tissue and dental hygiene procedures. The 50-day average daily volume for Biolase is 32,000, according to the Nasdaq.

Compugen (CGEN) climbed by 35 cents, or 7.1%, to $5.28 at the start of trading Tuesday after the drug and diagnostic products company announced its Intracellular Drug Delivery discovery platform to predict cell penetrating peptides for drug delivery. The 50-day average daily volume for Compugen is 513,000.

eOn Communications (EONC) opened lower by 89 cents, or 19.2%, to $3.74 after the communications solutions provider said in a regulatory filing it had a second-quarter loss of 9 cents a share. Additionally, eOn said that revenue jumped 169% to $3.51 million, although $2.79 million was attributable to the inclusion of Cortelco, which the company acquired in April 2009. The 50-day average daily volume for eOn is 76,000.

Lexicon Pharmaceuticals (LXRX) dropped by 18 cents, or 12.7%, to $1.24 in early trading after the company price an offering of 87.7 million shares of common stock at $1.15 per share. The 50-day average daily volume for Lexicon is 923,000.

-- Written by Robert Holmes in Boston.

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