Among the major movers at around noon today are Threshold Pharmaceuticals Inc. (NASDAQ: THLD), Ocean Power Technologies Inc. (NASDAQ: OPTT), Zynga Inc. (NASDAQ: ZNGA), MediciNova Inc. (NASDAQ: MNOV), and Mannkind Corp. (NASDAQ: MNKD).
Shares of Threshold are up about 81% at $2.33. About 6 million shares have been traded so far today, compared with a 3-month daily average of about 137,000 shares traded. The pharmaceuticals firm has announced a global development deal with Germany’s Merck. We have more coverage here.
Ocean Power is up nearly 19% at $3.45. Nearly 150,000 shares have traded this morning, compared with a 3-month daily average of around 79,000. The company is developing an electricity generation system that uses wave power to drive the turbine, and has today reported a highly successful test for the US Navy.
Zynga is up nearly 14% at $14.07 after posting a new post-IPO high of $14.43 earlier today. More than 30 million shares have traded this morning, compared with a 3-month daily average of about 12 million. The social game maker has become a virtual tracking stock for the Facebook IPO — or at least investor enthusiasm for the IPO. sharespost.com lists Facebook shares at $36 on the secondary market today, up less than 3% since the announcement of the IPO. More coverage here.
MediciNova is down nearly -15% at 2.10. About 50,000 shares have traded by mid-day, compared with a daily average of about 12,000. Shares gained more than 30% yesterday, so today’s action is likely some profit taking.
Mannkind shares are down more than -11% at $2.19 after setting a new 52-week low of $2.15 earlier today. More than 14 million shares have already traded this morning, compared with a 3-month daily average of about about 900,000 shares. The company has priced its public offering of units containing one share of stock and warrant to purchase another 0.6 shares. More coverage here.
At about noon, the DJIA is up 1.38% at about 12,843, the Nasdaq is up 1.39% at around 2,899, and the S&P 500 is up 1.23% at about 1,342. Today’s report on non-farm payrolls and a fall in the headline unemployment rate to 8.3% have put some life into the market today.
Paul Ausick
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