BOSTON ( TheStreet) -- ZymoGenetics (ZGEN) was one of several stocks trading below $10 poised to move on above-average volume Wednesday after the biotech company said it will be acquired in a $885 million deal.
ZymoGenetics rallied sharply after Bristol-Myers Squibb (BMY) agreed to pay $9.75 a share for the biotech company, an 84% premium. Bristol-Myers said the deal gives it ownership of a "promising investigational biologic that strengthens our very diversified Hepatitis C portfolio."
Shares of ZymoGenetics surged by $4.43, or 83.6%, to $9.73 in the premarket session. The average daily share volume for ZymoGenetics is 390,000.
Elsewhere, Mitcham Industries (MIND) climbed by 43 cents, or 6.7%, to $6.85 in Tuesday's after-market session after the seismic equipment company posted a second-quarter adjusted of 4 cents a share, surprising analysts who expected a loss of 6 cents a share. Revenue of $15.2 million was also better than analyst estimates. The average daily share volume for Mitcham is 34,000.RTI Biologics (RTIX) was poised to trade on increased volume after the human and animal tissue company cut its full-year earnings guidance to a range of 10 cents to 12 cents a share, compared to its prior range of 15 cents to 17 cents a share. The lower 2010 outlook comes as RTI Biologics announced a 10-year distribution agreement with Zimmer Dental for biologic implants for the dental market worldwide. In addition, RTI Biologics reduced its full-year revenue guidance range to $165 million to $168 million from the previous range of $174.5 million to $177.5 million. The average daily share volume for RTI Biologics is 277,000. The stock closed Tuesday at $2.25. Flow International (FLOW) rose by 7 cents, or 2.9%, to $2.45 in Tuesday's late trading session after the waterjet cutting company said it broke even on a per-share basis in its fiscal first quarter, compared to expectations for a loss of 3 cents a share. Revenue climbed 23% to $46.6 million, above the consensus for revenue of $44.4 million. The average daily share volume for Flow is 134,000. DJSP Enterprises (DJSP) could see increased trading volume after the mortgage processing company said it had second-quarter earnings of 28 cents a share on revenue of $56.1 million, below estimates for earnings of 29 cents a share and revenue of $64.4 million. The average daily share volume for DJSP is 194,000. The stock closed Tuesday at $3.32. -- Written by Robert Holmes in Boston.
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