Morning Movers (MSHL, CSIQ, TRGT,PGNX, CIE)

There are several stocks trading more heavily than usual this morning, and also experiencing large gains or drops in share prices. These include Marshall Edwards Inc. (NASDAQ: MSHL), Canadian Solar Inc. (NASDAQ: CSIQ), Targacept Inc. (NASDAQ: TRGT), Progenics Pharmaceuticals Inc. (NASDAQ: PGNX), and Cobalt International Energy, Inc. (NYSE: CIE).

After the first half hour of trading this morning, Marshall Edwards is up nearly 38% at $1.46. Volume has already reached about 7x the daily average. The development stage oncology drug maker has received a patent that will protect certain oncology drugs until 2027.

Canadian Solar is up more than 32% at $$2.92. Volume has already reached about 75% of the daily average. The solar panel maker has sold about 86 megawatts of generation to TransCanada Corp. (NYSE: TRP) for approximately $455 million.

Targacept is down more than -25% at $5.82 after posting a new 52-week low of $5.64 already this morning. Volume totals about 5x the daily average. The pharmaceutical maker’s anti-depressant drug, developed in conjunction with AstraZeneca plc (NYSE: AZN) has failed a late-stage trial.

Progenics is up nearly 23% at $7.96. Volume has already surpassed the daily average. The pharmaceutical company reported a successful test of a new drug developed in conjunction with Salix Pharmaceuticals Ltd. (NASDAQ: SLXP).

Cobalt is up nearly 21% at $12.17. Volume is nearly double the daily average. The oil & gas exploration company has signed a production-sharing agreement for a block offshore of Angola. Cobalt owns 40% of the project and is the operator.

Paul Ausick