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Morning Market Movers

Oncolytics Biotech (NASDAQ: ONCY) surged 75.12% to $3.80 at 9:55 am. Oncolytics Biotech announced initial positive top line REOLYSIN data from the first endpoint in its double-blinded randomized Phase III clinical study in head and neck cancers.

Telik (NASDAQ: TELK) climbed 42.61% to $2.51. Telik announced the publication of a clinical trial abstract in the proceedings of the 54th Annual Meeting of the American Society of Hematology in Atlanta, Georgia.

Best Buy Co (NYSE: BBY) surged 17.28% to $14.28. Best Buy's founder Richard Schulze is likely to make a fully-financed offer to acquire the company, according to the Minneapolis Star Tribune.

Paragon Shipping (NYSE: PRGN) shares advanced 17.16% to $2.39. Paragon Shipping signed agreements with four of its lenders.

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