Central Jersey Bancorp, GTx: Early Volume Plays

NEW YORK (TheStreet) -- Central Jersey Bancorp (CJBK) was among several stocks trading near $5 poised to move on above-average volume Wednesday as the stock more than doubled in price on a merger agreement.

Central Jersey Bancorp shares surged after Kearny Financial (KRNY) said it would acquire the bank in a $72.3 million all-cash deal. Shareholder of Central Jersey Bancorp will receive $7.50 per share, a 143% premium to Tuesday's closing price of $3.08.

Central Jersey Bancorp shares rallied by $4.06, or 131.8%, to $7.14 in the premarket session. The 50-day average daily volume for Central Jersey Bancorp is 18,000, according to the Nasdaq.

On the other hand, GTx (GTXI) shares plunged by $1.02, or 33.8%, to $2 in the premarket session after the company's experimental prostate cancer drug, toremifene 20 mg, failed to show statistical significance in preventing cancer in high-risk patients in a late-stage trial when compared to a placebo.

GTx said it will pursue it partnership with Ipsen to develop toremifene 80 mg and are planning a second Phase III clinical trial evaluating toremifene 80 mg to reduce fractures and treat other estrogen deficiency side effects of androgen deprivation therapy for prostate cance. The 50-day average daily volume for GTx is 189,000.

Elsewhere, Zale (ZLC) rose by 7 cents, or 2.6%, to $2.75 in the premarket session after the jewelry retailer reported a fiscal third-quarter adjusted loss of 76 cents a share on sales of $360 million, compared to estimates Zale would report a loss of 95 cents a share on revenue of $354.1 million.

Zale earlier this month secured a $150 million lifeline from private-equity firm Golden Gate Capital, as well as a new $650 million credit line shore up its cash position. The three-month average daily volume for Zale is 2.25 million, according to Yahoo! Finance.

Solarfun Power Holdings (SOLF) jumped by 68 cents, or 10.9%, to $6.95 in the premarket session after the company posted a first-quarter profit of 40 cents a share on revenue of $216.2 million, above the consensus target for a profit of 19 cents a share on revenue of $191.7 million. The 50-day average daily volume for Solarfun is 1.78 million.

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