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A.P. Pharma, Netlist: Early Volume Plays

(Delta Petroleum price move corrected in this update.)

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

A.P. Pharma (APPA) dropped by $1.08, or 52.7%, to 97 cents after the Food and Drug Administration did not approve its experimental drug APF530 for the treatment of nausea and vomiting induced by chemotherapy. The FDA said it found deficiencies in A.P.'s manufacturing facilities, and that more supporting information is needed. Volume topped 9.61 million shares, compared to the 50-day average daily volume of 658,000, according to the Nasdaq.

Netlist (NLST) fell by 31 cents, or 7.3%, to $3.92 after the memory subsystem company announced an offering of nearly 4 million shares of common stock priced at $3.85 per share. The offering included 995,000 more shares than previously announced. Volume topped 614,000 shares, compared to the 50-day average daily volume of 1.34 million.

Addus HomeCare (ADUS) tumbled by $2, or 22.5%, to $6.90 after the company reported a fourth-quarter profit of 7 cents a share on revenue of $65.7 million, which was below the Thomson Reuters average estimate for a profit of 20 cents a share on revenue of $66.5 million. Volume topped 343,000 shares, compared to the 50-day average daily volume of 28,000.

First California Financial (FCAL) lost 12 cents, or 4.4%, to $2.64 after the company priced a 14.4 million share common stock offering at $2.50 per share. Volume topped 1.01 million shares, compared to the 50-day average daily volume of 24,000.

Delta Petroleum (DPTR) retraced some of the previous session's surge, which came after the company said it entered into a letter of intent to sell a 37.5% interest in a Colorado oil-and-gas property to Opon International for $400 million. Delta will also allow the project developer to acquire up to a 7% stake in the Denver company. After jumping more than 30% Thursday, Delta Petroleum shares were down 4.4% to $1.64. Volume topped 8.03 million shares, compared to the 50-day average daily volume of 7.72 million.

-- Written by Robert Holmes in Boston.

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