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 - Get Report) 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 - Get Report) 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 - Get Report) 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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