Sunesis Pharmaceuticals, Xerium Technologies: Early Volume Plays

(NovaBay full-year revenue corrected in this update.)

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

Sunesis Pharmaceuticals (SNSS) slid by 7 cents, or 8.7%, to 82 cents in the premarket session after the company said management is currently in the process of evaluating alternatives for funding the voreloxin development program. This came as Sunesis posted a fourth-quarter loss of 15 cents a share, which was a penny better than expectations, although revenue of $12,500 disappointed analysts. The 50-day average daily volume for Sunesis is 3.57 million, according to the Nasdaq.

Allied Irish Banks (AIB) continued to plummet, falling by 41 cents, or 11.5%, to $3.17 in the premarket session ahead of a government announcement of another round of bank recapitalizations and the so-called "bad bank" program. Allied Irish Banks shares dropped 20% during Monday's session. The three-month average daily volume for Allied Irish Banks is 4.01 million, according to Yahoo! Finance.

Xerium Technologies (XRM) dropped by 9 cents, or 14.3%, to 54 cents in the premarket session after the consumable products manufacturer said it will implement a pre-packaged bankruptcy reorganization plan and that it has received support from lenders for its plan to reduce approximately $150 million in debt. The three-month average daily volume for Xerium is 133,000.

NovaBay Pharmaceuticals (NBY) may trade higher Tuesday after the company reported a fourth-quarter profit of 14 cents a share, surprising analysts who had expected a loss of 2 cents a share. Revenue for the full year jumped to $15.68 million from $6.72 million in 2008. The three-month average daily volume for NovaBay is 30,000.

-- Written by Robert Holmes in Boston.

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