Sirius XM, Lexicon Pharma: Early Volume Plays - TheStreet

NEW YORK (

TheStreet

) -- Several stocks trading near $5 were poised to move on above-average volume during Wednesday's session.

Sirius XM

(SIRI) - Get Report

traded nearly 11% higher to 74 cents in Tuesday's after-market session after the satellite-radio provider said it expects to report more than $100 million of free cash flow for 2009, compared to pro forma negative free cash flow of $552 million in 2008. Sirius XM also said it added 257,028 net subscribers in the fourth quarter, bringing its subscriber total to 18.77 million at the end of 2009. "Improvements in automotive sales, conversion rates and better than anticipated self-pay churn suggest that the outlook for the auto sector and the effects of the economy on our business are beginning to improve," said CEO Mel Karmazin. The 50-day average daily volume for Sirius XM is 22.5 million, according to the

Nasdaq

.

Alexco Resource

(AXU) - Get Report

was set to open lower Wednesday after the company announced equity financing plans late Tuesday. Final terms are not expected until the pricing of the common shares, with the closing expected to occur on or about Feb. 15. The three-month average daily volume for Alexco is 208,000, according to Yahoo! Finance.

Lexicon Pharmaceuticals

(LXRX) - Get Report

surged by more than 23% to $2.44 in the premarket session after the company announced positive results from a Phase 2 study of drug candidate LX4211 in patients with type 2 diabetes mellitus. LX4211 inhibits the sodium-dependent glucose transporter 2 (SGLT2), lowering the accumulation of glucose in the body and reducing caloric load, the company said. The 50-day average daily volume for Lexicon is 582,000 shares.

Allied Capital

(ALD)

should trade higher Wednesday after the company disclosed late Tuesday that it received and rejected an unsolicited non-binding offer from

Prospect Capital

(PSEC) - Get Report

. The three-month average daily volume for Allied Capital is 2.25 million shares.

-- Written by Robert Holmes in Boston

.

Check out all of Wednesday's high-volume, under-$5 stocks at the Dollar Store

Follow Robert Holmes on

Twitter

and become a fan of TheStreet.com on

Facebook.