Somaxon, Conexant: Early Volume Plays - TheStreet

Somaxon, Conexant: Early Volume Plays

Several stocks trading near $5 were poised to move on above-average volume during Friday's session.
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NEW YORK (

TheStreet

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

Somaxon Pharmaceuticals

(SOMX)

shares were set to surge more than 110% Friday after the company late Thursday provided an update on the new drug application for its insomnia drug Silenor. Following a Wednesday meeting with the Food and Drug Administration, Somaxon filed a resubmission with the agency as a complete response to the FDA's complete response letter. The FDA will consider it a Class 1 resubmission with a two-month review cycle, and no additional safety or efficacy data was required. Somaxon says it anticipates an FDA decision on Silenor by March 21. The 50-day average daily volume for Somaxon is 2.64 million, according to the

Nasdaq

. The stock finished Thursday's session at $1.32.

Conexant Systems

(CNXT) - Get Report

should rally more than 15% at the open Friday after the semiconductor company reported fiscal first-quarter earnings of 17 cents a share, compared with the Thomson Reuters average estimate of 11 cents a share. Revenue climbed 10% to $61.8 million, which was also above consensus. Conexant also offered strong guidance for the second quarter, with core net income expected to fall in a range of 13 cents to 14 cents a share and for sales to be between $60 million to $61 million. Analysts expect Conexant to report second-quarter earnings of 8 cents a share on $54.9 million in revenue. The 50-day average daily volume for Conexant is 1.13 million. Shares closed Thursday at $2.95.

Endwave Corp.

(ENWV)

shares were indicated to open higher Friday after the radio frequency module company said it has repurchased all 300,000 shares of Endwave preferred stock held by Oak Investment Partners for $36 million in cash. The preferred stock represents 3 million shares of Endwave common stock on an as-converted basis. The 50-day average daily volume for Endwave is 42,000. The stock ended Thursday at $2.35.

Achillion Pharmaceuticals

(ACHN) - Get Report

is expected to trade 10% lower after the company announced plans late Thursday for a common stock offering, although no details were provided. The offering will be priced before the open of trading Friday, Achillion said. The 50-day average daily volume for Achillion is 607,000. Shares finished trading Thursday at $2.60.

-- Written by Robert Holmes in Boston

.

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