Zanett, Novell: Early Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Monday's session.
Zanett (ZANE) slipped 5 cents, or 2%, to $2.53 in early trading after the company said it has regained compliance with the minimum bid price requirement for continued listing on the Nasdaq. This comes after the stock finished at or above $1 for 10 consecutive business days from March 4 to March 17. The 50-day average daily volume for Zanett is 1.07 million.
Novell (NOVL) jumped by 29 cents, or 5.1%, to $5.93 shortly after the opening bell Monday after the software company rejected an unsolicited bid from Elliott Associates as "inadequate." Elliott had offered the conditional proposal to acquire Novell for $5.75 per share. Novell added that it believes that an exploration of alternatives is in the best interests of the company and its stockholders. The 50-day average daily volume for Novell is 9.5 million.
BioDelivery Sciences International (BDSI) rose by 18 cents, or 4.4%, to $4.18 at the start of trading after the company announced the positive outcome of a meeting with the Food and Drug Administration on the development program for BEMA Granisetron, the company's potential treatment for the prevention of nausea and vomiting associated with cancer therapy. The FDA concurred with BioDelivery's plans to pursue a development program based on clinical pharmacokinetic data for a New Drug Application (NDA). The 50-day average daily volume for BioDelivery is 90,000.PharmAthene (PIP) dropped by 21 cents, or 13.3%, to $$1.50 after the biodefense company said it is pursuing various options to move forward under a contract modification announced on Feb. 23 to its existing contract with the Biomedical Advanced Research and Development Authority for the research and development of SparVax pending a final ruling under the protest. The company said it is confident that the protest is without merit and that the contract modification will be upheld. The three-month average daily volume for PharmAthene is 719,000, according to Yahoo! Finance. -- 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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