Unusual 11 Mid-Day Movers 10/05: ROIAK, DEPO, AVII, CMLS Higher; FOLD, SGEN, SCLN, REED Lower

October 5, 2009 1:38 PM EDT

Radio One (Nasdaq: ROIAK) 45% HIGHER; spiking today as the stock appears to be holding above its 200-day SMA. Volume is extremely heavy: already has traded more than 1 million times, which compares to its average daily volume of just 229,000 shares.

Amicus Therapeutics (Nasdaq: FOLD) 32.4% LOWER; late Friday announced preliminary results from its Phase 2 randomized, open-label study to assess the safety, tolerability and preliminary efficacy of its investigational drug, Plicera(TM) (afegostat tartrate), in treatment-naive adult patients with type 1 Gaucher disease. Click here for the full report. The stock was downgraded at JPMorgan, Wedbush Morgan and Lazard.

Depomed, Inc. (NASDAQ: DEPO) 26.5% HIGHER; today announced top-line results from a Phase 3 clinical trial demonstrating DM-1796 (also referred to as gabapentin ER) achieved a statistically significant reduction in pain associated with postherpetic neuralgia versus placebo using the baseline observation carried forward method required by FDA. The primary endpoint measured pain scores from baseline to the end of a ten-week treatment period using the numerical Likert pain scale. Click here to see the full report. The stock was also started at Buy at Merriman Curhan.

AVI BioPharma, Inc. (NASDAQ: AVII) 24.4% HIGHER; received expanded contract funding of approximately $11.5 million from the Defense Threat Reduction Agency's Transformational Medical Technologies Initiative to support development of the Investigational New Drug data package for its candidate drug, AVI-7012, to treat Junin virus infection.

Cumulus Media (Nasdaq: CMLS) 22.9% HIGHER; the majority of the Broadcasting and Cable TV group is moving sharply higher today.

CombinatoRx, Incorporated (NASDAQ: CRXX) 19.7% HIGHER; announced that its ophthalmic collaborator, Fovea Pharmaceuticals SA, has entered into a proposed acquisition with Sanofi-Aventis. Here is the full report.

Seattle Genetics, Inc. (Nasdaq: SGEN) 17.1% LOWER; announced today that it has discontinued the SeaGen MARINER clinical trial based on a determination that the trial would be unlikely to meet its primary endpoint of superior complete response rate in the dacetuzumab combination arm as compared to the placebo combination arm. The SeaGen MARINER trial was a randomized, double-blind phase IIb clinical trial of dacetuzumab or placebo in combination with Rituxan(R) (rituximab) plus ifosfamide, carboplatin and etoposide (R-ICE) chemotherapy for patients with relapsed or refractory diffuse large B-cell lymphoma.

OpenTV Corp. (NASDAQ: OPTV) 16.6% HIGHER; The Kudelski Group commenced a tender offer to acquire all outstanding Class A shares of OpenTV not owned by Kudelski or its subsidiaries for US$1.55 per share in cash.

SciClone Pharmaceuticals, Inc. (Nasdaq: SCLN) 16.6% LOWER; announced after the close Friday that it will discontinue Phase 2 Trial of RP101 in late-stage pancreatic cancer.

Reed's, Inc. (NASDAQ: REED) 11.6% LOWER; is offering in a registered direct offering up to $718,540 through the sale of Units at a price of $1.80 per Unit.

Oncolytics Biotech Inc. (NASDAQ: ONCY) 6% LOWER; announces that in accordance with the terms of the warrant indenture for those warrants issued on May 13, 2009, and in accordance with the terms of the broker warrant certificates for the broker warrants issued on May 13, 2009, the Corporation has provided the required written notice to holders of such warrants that the expiry date has been accelerated to the close of business on Monday, November 2, 2009.

To get this report daily visit http://www.streetinsider.com/entities/Unusual+11+Mid-Day+Movers.

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