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
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