Small-cap stocks outperformed the major indices Tuesday, once again on the power of positive news out of small health-care names like Advancis Pharmaceutical (AVNC).
Shares of the Maryland drugmaker surged 13.6% to $3.10 after the Food and Drug Administration accepted a resubmitted new-drug application for its proposed strep-throat treatment, Amoxicillin Pulsys. The FDA initially rejected the application in February, asking for more information on the company's planned manufacturing processes.
France-based Edap (EDAP - Get Report), a medical-equipment maker, jumped 14% to $6.84 after saying it will fast-track its ongoing U.S. clinical trial for Ablatherm-HIFU (high-intensity focused ultrasound), a proposed noninvasive treatment for prostate cancer. Meanwhile, Jeffries started coverage of RadNet (RDNT) with a buy rating. Shares of the Los Angeles-based company, a purveyor of magnetic-resonance imaging and other imaging services, climbed 10% to $6.54.
In earnings news, California's House of Taylor Jewelry (HOTJ) vaulted 18.3% to $2 after reporting sharply higher first-quarter revenue of $4.5 million, compared with $1.4 million a year ago. Its per-share loss was 2 cents wider at 8 cents, but this includes a far higher interest expense vs. last year.Gambling Partners International (GPIC - Get Report) shares leapt 15.3% to $11.75 after the Las Vegas-based gambling-equipment maker reported a loss of just 18 cents a share. Analysts sought a 22-cent per-share loss.