( Updated to reflect correct price moves for Transition, Cyclacel.)

NEW YORK ( TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Tuesday's session.

CardioNet ( BEAT) jumped by 84 cents, or 16.3%, to $5.97 after the company said during a conference call it has hired an investment bank to evaluate its options, which could be an indication it is considering a sale, according to Dow Jones. CardioNet's management said it also expects to post a per-share profit in fiscal 2011, which would come in better than the Thomson Reuters average estimate for a loss of 15 cents a share. Volume topped 2.5 million shares, compared to the 50-day average daily volume of 657,000, according to the Nasdaq.

International Absorbents ( IAX) rose by 37 cents, or 16.2%, to $2.65 after the maker of environmentally friendly pet care and industrial products said it would sell all outstanding common shares to Kinderhook Industries for $4.75 a share in cash. Volume topped 305,000 shares, compared to the three-month average daily volume of 4,600, according to Yahoo! Finance.

Pacific Asia Petroleum ( PAP) jumped by 41 cents, or 9.5%, to $4.75 after the company said that production has commenced at the Oyo Oilfield, which has the ability to initially produce at a rate of approximately 25,000 barrels of oil per day from two subsea wells. Volume topped 308,000 shares, compared to the three-month average daily volume of 315,000.

Transition Therapeutics ( TTHI) plummeted by $3.45, or 43.6%, to $4.46 after the company and Elan ( ELN) withdrew patients from the two highest doses of their experimental Alzheimer's disease drug ELND005 following a review by the Independent Safety Monitoring Committee sparked by nine patient deaths. Volume topped 2.5 million shares, compared to the 50-day average daily volume of 18,000.

Cyclacel Pharmaceuticals ( CYCC) dropped by 20 cents, or 14.7%, to $1.16 after the company held a Type A meeting with Food and Drug Administration to discuss a randomized Phase III study design for its oral sapacitabine capsules in acute myeloid leukemia and separately in myelodysplastic syndromes. The company is now planning a Special Protocol Assessment (SPA) submission for first quarter of 2010 based on the meeting. Volume topped 1.5 million shares, compared to the 50-day average daily volume of 663,000.

-- Written by Robert Holmes in Boston.

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

Follow Robert Holmes on Twitter and become a fan of TheStreet.com on Facebook.

If you liked this article you might like

Paradigm Opportunity Protects Investors in Tough Times

Paradigm Opportunity Protects Investors in Tough Times

5 Things You Need to Know Before the Stock Market Opens (Correct)

5 Things You Need to Know Before the Stock Market Opens (Correct)

U.S. Investors Brace for a Third Bailout in Greece

U.S. Investors Brace for a Third Bailout in Greece

5 Things You Need to Know Before the Stock Market Opens

5 Things You Need to Know Before the Stock Market Opens

40 Hedge Funds' Best Stocks Show the Way for 2012 (Update 1)

40 Hedge Funds' Best Stocks Show the Way for 2012 (Update 1)