On common stock public offering, Cypress Biosciences leads small-cap volumes

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Cypress Bioscience, Inc. (Nasdaq: CYPB) shares are trading heavily after the San Diego-based biopharmaceutical company announced before the start of trading Thursday a public offering of 4.7 shares of common stock at $15.50 per share.

Home Solutions of America, Inc. (Nasdaq: HSOA) shares are up on the midday Thursday announcement that Fireline Restoration, a subsidiary of the Dallas-based remodeling company, inked a $100 million deal to work on a retail center in Hillsborough County, Florida.

Shares in Novacea, Inc. (Nasdaq: NOVC) are lower after being downgraded by Bear Stearns to “peer perform” from “outperform.” The San Francisco-based biopharmaceutical company announced Wednesday before the start of trading it entered into an exclusive worldwide license agreement with biopharmaceutical company Schering-Plough Corp. (NYSE: SGP) for the development and commercialization of the cancer drug Asentar.

NovaStar Financial Inc. (NYSE: NFI) is down on news the credit rating agency Fitch Ratings cut the service rating for NavaStar’s subprime mortgages to “RPS3-plus,” from “RPS2-minus.”

Shares in Bioenvision, Inc. (Nasdaq: BIVN) are down despite the announcement Thursday before the opening that Standard & Poor's Ratings Services said its ratings and outlook on biopharmaceutical company Genzyme Corp. (Nasdaq: GENZ) remains unchanged following Genzyme's plans announced Tuesday after the close to acquire Bioenvision for $5.60 a share, or approximately $345 million.

Luminent Mortgage Capital, Inc. (NYSE: LUM) is down slightly after the company announced at the opening bell Thursday it has priced its offering of $90 million aggregate principal amount of 8.125% convertible senior notes due 2027. The San Francisco-based real estate investment trust also said it granted the initial purchaser an option to buy up to an additional $20 million of aggregate principle amount of notes. The company expects the closing to occur on June 5.

Shares in Optium Corp. (Nasdaq: OPTM) are losing value after the Horsham, Penn.-based company announced after the close of trading Wednesday earnings guidance below Wall Street expectations for the fourth quarter ending July 29. The supplier of optical subsystems expects earnings per share between $0.08 and $0.11, which is below analysts’ expectations of $0.17 per share.

The following were the most actively traded companies in Thursday's trading among those with market capitalizations under $500 million: