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

ArQule ( ARQL) surged by $2.52, or 72%, to $6.02 at the start of trading Wednesday after the biotechnology company said a phase II trial showed that its ARQ 197 drug candidate demonstrated a 66% improvement in median Progression-Free Survival (PFS) in patients with advanced, refractory non-small cell lung cancer (NSCLC) when used in combination with erlotinib. The 50-day average daily volume for ArQule is 174,000, according to the Nasdaq.

Hudson Highland Group ( HHGP) sank by 36 cents, or 7.5%, to $4.45 in the premarket session after the staffing and management company filed for a 4.2 million share common stock offering, priced at $4.35 per share. The 50-day average daily volume for is 50,000.

Cell Therapeutics ( CTIC) fell by 5 cents, or 8.5%, to 55 cents after the company said it will sell $20 million of preferred stock and warrants to purchase common stock to three institutional investors. The 50-day average daily volume for Cell Therapeutics is 25.62 million.

Air Transport Services Group ( ATSG) surged by 46 cents, or 19.9%, to $2.77 after the aircraft leasing company announced new long-term aircraft and operating agreements with DHL. The 50-day average daily volume for Air Transport Services is 232,000.

-- Written by Robert Holmes in Boston.

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