GenVec, Encorium Group: Early Volume Plays
NEW YORK (TheStreet) -- Several stocks trading near $5 were poised to move on above-average volume during Tuesday's session.
GenVec (GNVC) plummeted by $2.01, or 71.7%%, to 79 cents after the company shut down a phase III study of its experimental pancreatic cancer drug TNFerade, which was found to be no better than a placebo. TheStreet's Adam Feuerstein calculated that GenVec has roughly 26 cents a share in cash, putting fair value around 30 cents a share. The 50-day average daily volume for GenVec is 5.7 million, according to the Nasdaq.
Encorium Group (ENCO) more than doubled in value, surging 125.1%, to $4.75 in the absence of any company-specific news. Traders posting on Internet message boards attributed the stock's two-day jump, worth 200%, to momentum trading. The 50-day average daily volume for Encorium is 24,000.
White Electronic Designs (WEDC) jumped by $1.53, or 28%, to $6.99 after Microsemi (MSCC) said it will buy the company for $7 per share in a deal worth $100 million. The 50-day average daily volume for White Electronic Designs is 88,000.
Maguire Properties (MPG) slipped by 33 cents, or 9.8%, to $3.04 after Stifel Nicolaus analysts downgraded the company to sell. The three-month average daily volume for Maguire Properties is 2.16 million, according to Yahoo! Finance. Hong Kong Highpower Technology (HPJ) dropped by 92 cents, or 14.4%, to $5.48 after the company reported full-year earnings of 33 cents a share, below the single analyst estimate of 37 cents a share. The three-month average daily volume for Hong Kong Highpower is 294,000. -- Written by Robert Holmes in Boston. Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.Select the service that is right for you!
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