NEW YORK ( TheStreet) -- Several stocks trading near $5 were moving on above-average volume during Wednesday's session. Cyclacel Pharmaceuticals ( CYCC - Get Report) slipped by 14 cents, or 5%, to $2.69 ahead of the company's presentation at the OneMedForum 2010 Finance Conference. Earlier, Cyclacel announced the completion of its direct offering, which netted the company gross proceeds of $7.2 million. Volume topped 12.17 million shares, compared to the 50-day average daily volume of 4.85 million, according to the Nasdaq. Cell Therapeutics ( CTIC - Get Report) jumped by 21 cents, or 18%, to $1.38 on reports the Food and Drug Administration's Oncologic Drugs Advisory Committee would review the company's new drug application for pixantrone for the treatment of relapsed/refractory aggressive non-Hodgkin's lymphoma on Feb. 10 . Volume topped 24.65 million shares, compared to the 50-day average daily volume of 9.87 million. Pharmacyclics ( PCYC) rallied by 73 cents, or 20.8%, to $4.24 after Dow Jones Newswires reported that the company's management has been actively meeting with potential investors in order to fund its two new cancer drugs. Volume topped 1.29 million shares, compared to the 50-day average daily volume of 167,000. Jackson Hewitt Tax Service ( JTX) tumbled by 59 cents, or 13.3%, to $3.85 after the company said in a regulatory filing that while it has a contractual commitment covering approximately 50% of its refund anticipation loan (RAL) program for the 2010 tax season, it does not expect to have a RAL program in place by the beginning of the 2010 tax season for the remainder of the program. Volume topped 5.06 million shares, compared to the three-month average daily volume of 936,000, according to Yahoo! Finance. Ener1 ( HEV) slumped by $1.03, or 16.8%, to $5.10 after the company said it has ceased discussions for a business relationship with Fisker Automotive. Volume topped 3.8 million shares, compared to the three-month average daily volume of 766,000. -- 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.