NEW YORK (
) -- Several stocks trading near $5 were poised to move on above-average volume during Friday's session.
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
. The stock finished Thursday's session at $1.32.
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.
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.
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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