Achillion, Emcore: Early Volume Plays

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

Helicos BioSciences ( HLCS) dropped by 26 cents, or 19%, to $1.11 in the premarket session after the company said it has priced a registered direct offering of 6.4 million units at a price of $1 per unit. Each unit consists of one share of common stock and a warrant to buy 0.65 of a share of common stock at an exercise price of $1.4385 per share. Helicos said it anticipates gross proceeds of $6.4 million before deducting underwriting discounts and commissions and estimated offering expenses. The 50-day average daily volume for Helicos is 841,000 shares, according to the Nasdaq.

Achillion Pharmaceuticals ( ACHN) surged by $1.13, or 52.6%, to $3.28 in the premarket session after the company offered positive preliminary Phase 1b proof of concept data with its ACH-1625 drug to treat hepatitis C. ACH-1625 is an inhibitor of HCV NS3 protease that was discovered and is being developed by Achillion. The 50-day average daily volume for Achillion is 46,000.

Emcore ( EMKR) jumped by 11 cents, or 11.7%, to $1.05 in the premarket session after the company late Tuesday reported a fiscal fourth-quarter loss of 11 cents a share, a penny better than the consensus between two analysts' targets, according to Thomson Reuters. Revenue fell 33% from a year ago to $40.5 million, although that was up 5% sequentially and bested the consensus target of $39.8 million. Looking ahead to the fiscal first quarter, Emcore expects revenue in a range of $41 million to $43 million, compared to a single analyst estimate of $40.6 million. The 50-day average daily volume for Emcore is 585,000.

GigaMedia ( GIGM) rose by 41 cents, or 10.8%, to $4.20 in the premarket session after the company said it has formed a strategic alliance with European online gambling site Mangas Gaming. The alliance will see GigaMedia sell 60% of its online gambling software business to Mangas, including Everest Poker, which is powered by GigaMedia's software. The 50-day average daily volume for GigaMedia is 680,000.

PC Mall ( MALL) added 22 cents, or 3.9%, to $5.94 in the premarket session after the direct marketing company announced that SARCOM, a wholly-owned subsidiary, has acquired certain assets of Data Systems Worldwide. Data Systems Worldwide had unaudited revenues of approximately $6.4 million in the first nine months of 2009, the company said. The 50-day average daily volume for PC Mall is 43,000.

-- Written by Robert Holmes in New York.

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.

More from Stocks

Stacey Cunningham: From Intern to Head of the New York Stock Exchange

Stacey Cunningham: From Intern to Head of the New York Stock Exchange

China Gives Tesla, Ford, General Motors and Trump One Awesome Present

China Gives Tesla, Ford, General Motors and Trump One Awesome Present

Oil Prices, China Tariffs, Micron and Kohl's - 5 Things You Must Know

Oil Prices, China Tariffs, Micron and Kohl's - 5 Things You Must Know

The Great American Supermarket No Longer Reigns Supreme

The Great American Supermarket No Longer Reigns Supreme

Kroger CEO: Even in the Age of Amazon, Physical Stores Will Still Be Important

Kroger CEO: Even in the Age of Amazon, Physical Stores Will Still Be Important