4 Stocks Under $10 Moving On Unusual Volume
Stocks are prone to making large moves in either direction for a variety of reasons. A recent earnings release, analyst upgrade or downgrade, and news of a new product can all affect the number of shares that trade hands. The following stocks all trade for under $10 and are moving on unusual volume today.
Cardiome Pharma Corp (NASDAQ: CRME) is a research based biopharmaceutical company focused on the development and commercialization of new therapies. CRME released positive data today that showed that an intravenous version of its drug to treat irregular heartbeat was found to be more effective than two rival oral drugs. Shares are up 31 percent on both NASDAQ and Toronto exchanges. The company has a market capitalization of $49.26 million and hit a 52-week high today.
Monday’s Range: $3.17-$3.97
52-Week Range: $1.20-$3.97
Monday’s Volume: 590,148
Average Three Month Volume: 66,077
Volume Percentage Change: 1,899.30 percent
General Finance Corporation (NASDAQ: GFN) is a holding company that purchases and operates for businesses in the mobile storage container and modular space industries. Reversing a recent trend, the stock is now trading above its volatile range of $4.17 to $5.19 (seen in the past 30 days) and posted a 52-week high today of $5.98. Shares have gained over 9 percent on heavy trading.
Monday’s Range: $5.37-$5.98
52-Week Range: $3.75-$5.98
Monday’s Volume: 125,321
Average Three Month Volume: 9,866
Volume Percentage Change: 2,243.79 percent
Peregrine Semiconductor Corp (NASDAQ:PSMI) provides RFCIs (radio frequency integrated circuits) for the aerospace and defense, industrial, broadband, mobile wireless, and wireless infrastructure markets. Over the past month bearish sentiment has grown around the company with analysts at Canaccord Genuity, RBC Capital, and JMP Securities downgrading their assessments of the company’s stock. In trading today, PSMI has dropped over 3 percent with heavy volume as it continues to try and gain footing without much success.
Monday’s Range: $8.97-$9.44
52-Week Range: $8.25-$9.23
Monday’s Volume: 1.14 million
Average Three Month Volume: 196,638
Volume Percentage Change: 375.78 percent
Cyclacel Pharmaceuticals Inc. (NASDAQ: CYCC) started the day on a strong note, but has been on a steady slide since, losing over 10 percent thus far. On Thursday, after close of market, the company released positive results of its drug, sapacitabine, as an effective agent in the fight against ovarian cancer. As a result, shares gapped up sharply on Friday, but can’t seem to find traction today.
Monday’s Range: $4.13-$4.91
52-Week Range: $2.75-$8.18
Monday’s Volume: 2.26 million
Average Three Month Volume: 533.630
Volume percentage Change: 766.99 percent
Disclosure: The author has no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.
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