NEW YORK (Thomson Financial) - Marshall Edwards Inc. shares soared Thursday,
after the pharmaceutical company said it was on a list to be added to the
Russell 3000 Index.
The New Canaan, Conn. company said Russell had "recognized our potential" as
its phenoxodiol drug candidate was in a Phase III trial for recurrent ovarian
cancer. The inclusion "offers us visibility to more investors," the company
said.
Marshall shares gained 25% to trade at $2.81 on Thursday, moving on a volume
of 21,943 shares, above the issue's 30-day average volume of 16,634 shares. The
stock is down 25% over the past 52 weeks.
Other companies also rallied on their inclusion in the index, which is made
up of the top 3,000 U.S. stocks by market capitalization.
U.S. Geothermal Inc. also rallied, adding 14% to change hands at $2.69.
Volume of 416,214 easily outpaced the company's 30-day average churn of 290,498
shares. Geothermal shares are down 40% since the start of the year.
"It is gratifying to both shareholders and employees that U.S. Geothermal
become part of the Russell 3000 Index," the company said in a statement.
Among the other new entries to the index, Valence Technology rose 7.9% to
$3.83, Georesources was up 2.7% to $18.91, Advanced Battery gained 12% to trade
at $5.73, and Ener1 rose 10% to $7.49.
America's Car-Mart rose 14% to $16.83. An intraday high of $17.41
represented the best price for the shares since October 2006. The company
reported earlier fiscal fourth-quarter earnings that nearly tripled over
year-earlier results.
Ryan Vlastelica
rv/tk1
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