Thursday's Small-Cap Winners & Losers

Spherix (SPEX) jumped nearly 50% after the company said its test results so far have been positive on Naturlose, a potential treatment for type-2 diabetes. The company completed a dosing study, allowing it to continue with its Phase III clinical trial.

Separately, Spherix agreed to a $6 million settlement to end its longstanding legal dispute with the Agriculture Department. Shares of Spherix were up 75 cents to $2.26.

Phase Forward (PFWD) was higher after it forecast fourth-quarter revenue of $29.2 million to $30 million. The company expects earnings, before items, of 11 cents to 12 cents a share. For the full year, the company expects bookings of $120 million to $130 million and revenue of $105.6 million to $106.4 million. Earnings, excluding items, will likely be 37 cents to 38 cents a share.

The outlook came as Phase Forward posted third-quarter earnings of $2.9 million, or 8 cents a share, up from $2.2 million and 6 cents a share a year earlier. Shares of Phase Forward rose nearly 14% to $14.43.

Zygo (ZIGO) was stronger a day after it reported net sales of $41.1 million and earnings of $3.7 million, or 20 cents a share, for the fiscal first quarter. Analysts expected a profit of 15 cents.

"The strong order momentum we experienced in the last quarter of fiscal 2006 has continued into the early part of fiscal 2007, supporting our expectation that sales will grow to over $180 million in this fiscal year," the company said. Zygo was up 21.5% to $15.95.