NEW YORK (TheStreet) -- Dynavax Technologies (DVAX) was one of several stocks trading around $5 poised to move on above-average volume Tuesday after the company offered positive data on its universal flu vaccine candidate.
Dynavax presented preclinical data that "confirms the expected immunogenicity and mechanistic effects of its Universal Flu vaccine." Dynavax said the universal components of the vaccine also enhance the efficacy of a standard flu vaccine by increasing antibody production directed at virus neutralization. Dynavax said it will initiate Phase 1 clinical development of its Universal Flu vaccine by mid-year 2010.
Dynavax shares were up 14 cents, or 9.7%, to $1.58 in Tuesday's premarket session. The 50-day average daily share volume for Dynavax is 667,000, according to the Nasdaq.
Elsewhere, NexMed (NEXM) surged by 25 cents, or 62.5%, to 65 cents in the premarket session after the Food and Drug Administration gave clearance for the company's proposed Phase 2 trial of its cancer drug PrevOnco.NexMed also said that the FDA has given the company the opportunity to move PrevOnco directly into a Phase 3 trial that would support marketing approval, subject to positive study results. The 50-day average daily volume for NexMed is 3.14 million. On the downside, Frontier Financial (FTBK) was one of several small cap regional banks set to retrace some its recent gains. Frontier Financial shares rose nearly 150% over the last two sessions but, like other regional bank shares that have rallied as of late on survival hopes, was trading lower in Tuesday's premarket session. The stock was down more than 10% early Tuesday to $5.28. The 50-day average daily volume for Frontier Financial is 695,000. On Monday, more than 23 million shares changed hands. Among other small cap bank stocks down in early trading Tuesday, Hampton Roads Bankshares (HMPR) slipped 2.7%, and Crescent Banking (CSNT) was down more than 7%. Meanwhile, Entegris (ENTG) jumped by 88 cents, or 14.4%, to $7 in the premarket session after the semiconductor materials company posted a first-quarter adjusted profit of 15 cents a share, which was above the Thomson Reuters average estimate of 11 cents a share. Entegris said revenue surged 172% to $160.5 million, which was also better than consensus targets. The 50-day average daily volume for Entegris is 1.7 million. -- Written by Robert Holmes in Boston. Check out all of Tuesday's high-volume, under-$5 stocks at the Dollar Store. View the Dollar Store portfolio on StockPickr. Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.
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