Friday's Small-Cap Winners & Losers

Micromet (MITI Quote) shares soared in early trading Friday on two news items before easing back to a respectable 10% gain. The Carlsbad, Calif., biotech swung to a fourth-quarter profit of $3.4 million, or 11 cents a share, on revenue that surged 59% from last year to $13.8 million. That compares with year-ago losses of 42 cents a share.

Micromet also announced it struck a deal with Tracon Pharma to jointly develop and commercialize the former's D93 antibody for treatment of cancer. If the drug is successfully developed and brought to market, Tracon will pay Micromet in excess of $100 million in upfront and milestone payments, as well as worldwide royalties. Micromet shares were rising 29 cents to $2.90..

Bally Total Fitness (BFT Quote) lost more than half of its value after the fitness-center operator said it had about $827 million in debt as of March 14, which might necessitate filing for bankruptcy if it can't be restructured. The Chicago-based company will also be late with its year-end financials, which will reflect a loss from continuing operations. Shares were off by $1.19, to 80 cents.