Trubion, ShoreTel: Volume Movers
BOSTON ( TheStreet) -- Trubion Pharmaceuticals (TRBN) was one of several stocks trading below $5 and poised to move on above-average volume Friday after the company agreed to be acquired in a $135.5 million deal.
Trubion Pharmaceuticals said it will be acquired by Emergent BioSolutions (EBS - Get Report) for up to $135.5 million in cash and stock, including upfront consideration of $96.8 million and up to $38.7 million of success-based milestones.
Under the terms of the agreement, each share of Trubion Pharmaceuticals common stock will be converted into the right to receive an upfront payment of $1.365 per share in cash and 0.1641 shares of Emergent BioSolutions common stock. The upfront payment represents a value of $4.55 per share, based on the trading average of Emergent BioSolutions common stock for the five days prior to the deal being signed.
Shares of Trubion surged by $1.48, or 49.3%, to $4.48 in Thursday's late trading session. The average daily share volume for Trubion is 12,000.Elsewhere, ShoreTel (SHOR - Get Report) was poised to rally after the communications systems company said it had a fiscal fourth-quarter adjusted loss of $1 million, or 2 cents a share, which excludes stock-based compensation expenses. That was narrower than the average analyst consensus for a loss of 5 cents a share. Revenue was up 30% from a year ago to $42.2 million, also exceeding forecasts. Looking ahead to its fiscal first quarter, ShoreTel expects revenue to fall in a range of $41 million to $45 million, which compares to the Thomson Reuters average estimate for revenue of $41.27 million. The average daily share volume for ShoreTel is 172,000. The stock closed Thursday at $4.41. Oxigene (OXGN) jumped by 5 cents, or 13.5%, to 42 cents in Thursday's after-market session after the company reported second-quarter net income of $2.5 million, or 4 cents a share, swinging from a year-ago loss of $5.3 million, or 11 cents a share, mostly due to an increase in the non-cash gain resulting from a change in fair value of warrants and other financial instruments. The average daily share volume for is 89,000. Appliance Recycling Centers of America (ARCI - Get Report) climbed by 11 cents, or 5%, to $2.30 in Thursday's late trading session after the company said it swung to a second-quarter profit of 13 cents a share from a year-ago loss of 9 cents a share. Revenue rose to $28.2 million in the second quarter from $25.4 million a year earlier. The average daily share volume for Appliance Recycling is 6,000. On the downside, Energy Focus (EFOI - Get Report) fell by 17 cents, or 7.8%, to $2 in Thursday's after-hours session, retracing some of Thursday's 24% rally, after the lighting products company posted a second-quarter loss of 8 cents a share, compared with a single analyst estimate for a loss of 19 cents a share in the quarter. Energy Focus said sales rose to $9 million in the quarter from $3.3 million in the year-ago quarter, and the company expects third-quarter sales to exceed $9 million.. The average daily share volume for Energy Focus is 128,000. -- Written by Robert Holmes in Boston. Check out all of Friday'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.
Check Out Our Best Services for Investors
Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
Check Out Our Best Services for Investors
David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Every recommendation goes through 3 layers of intense scrutinyquantitative, fundamental and technical analysisto maximize profit potential and minimize risk.
Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.