The following companies showed unusually heavy volume in Wednesday afternoon trading on the Nasdaq Stock Market. Higher-than-normal volume can indicate increased activity by institutions such as mutual funds and insurance companies. Upward stock movement on such volume can show higher investor confidence, while selling can signal pressure on a stock.
Shares of Iomai Corp. went into accelerated trading after the biopharmaceuticals company said it expects to receive a contract from the federal Department of Health and Human Services for development of a dose-sparing patch for use with a pandemic influenza vaccine. The agreement could pay up to $128 million.
The patch is designed to stimulate immune system responses to small doses of flu vaccine, which could help stretch vaccine supplies in the event of a pandemic.
Trading volume increased to 1.4 million shares, compared with average daily volume of 50,000. Shares rose $1.16, or 22.8 percent, to $6.26.
Star Scientific Inc. traded heavily, after the company said it expects a judge to render decisions soon related to a patent infringement lawsuit against R.J. Reynolds Tobacco Co., a unit of Reynolds American Inc. Star Scientific is the developer of a process to lower cancer-causing agents found in tobacco products.
In a Securities and Exchange Commission filing, Star Scientific said Judge Marvin J. Garbis plans to post decisions on three pending summary judgment motions related to the suit, which was filed by Star, on a United States District Court Web site on Friday.
Volume increased to 6.9 million shares, from a usual level of 460,000, while shares added $1.23, or 36.3 percent, to $4.62.
IOMI Iomai Corporation, a biopharmaceutical company, focuses on the discovery, development, and commercialization of vaccines and immune system stimulants delivered to the skin. Its vaccines and immune system stimulants are delivered through a needle-free technology, known as transcutaneous immunization. The technology targets Langerhans cells, a specialized component of the immune system located in the outer layers of the skin for the delivery of adjuvants or antigens. The company has four product candidates in development: three targeting influenza and pandemic flu, and one to prevent E. coli-related travelers' diarrhea.
STSI engages in the development, implementation, and licensing of scientific technology for the curing of tobacco so as to prevent the formation of carcinogenic toxins present in tobacco and tobacco smoke.
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