Updated from 3:11 p.m. EDT

Shares of

Hi-Tech Pharmacal

(HITK)

were among the best-performing health and pharmaceutical stocks Wednesday, rising 9.5% despite a small decline in second-quarter earnings.

The pharmaceutical products maker earned $2.3 million, or 27 cents a share, on sales of $16.7 million. A year ago, the company earned $2.4 million, or 27 cents a share, on sales of $15.7 million. The company said the slight drop in earnings was due to an 85% increase in research and development spending. One analyst surveyed by Thomson First Call was expecting earnings of 16 cents a share on sales of $17.4 million. Looking ahead, Hi-Tech reiterated its 2005 sales outlook, saying that it expects growth of 15% to 20%. Shares traded up $1.52 to $17.50.

Biomira

(BIOM)

fell 15.9% after the company said it would sell 3.89 million shares at $2.57 apiece. The selling price represents a 15% discount to Tuesday's closing price of $3.02. Late last week, shares of Biomira more than doubled after the company said its lung cancer vaccine showed promising results in midtrial testing. Shares traded down 48 cents to $2.54.

Shares of

Wright Medical Group

(WMGI) - Get Report

rose 9.7% after the company reaffirmed fourth-quarter expectations and provided 2005 earnings and sales estimates. For the fourth quarter, the medical device company expects earnings of 21 cents to 22 cents a share on sales of $76 million to $78 million. Analysts are expecting earnings of 22 cents a share on sales of $77.9 million. Looking ahead, the company expects 2005 earnings of 86 cents to 90 cents a share, which excludes items, on sales of $333 million to $344 million. Analysts had been expecting earnings of 94 cents a share on sales of $339.6 million. Shares traded up $2.52 to $28.60.

Cardinal Health

(CAH) - Get Report

rose 3.8% after the company inked a multiyear distribution deal with

Eli Lilly

(LLY) - Get Report

. Financial terms were not disclosed, but Cardinal said it would be paid service fees to distribute Lilly's pharmaceuticals via Cardinal's network of distribution centers. The performance-based fees will be based on predetermined service levels and handling requirements of Lilly's product portfolio, Cardinal said. Shares traded up $2 to $54.20.

Shares of

CABG Medical

(CABG)

rose 10.7% on its first day of trading as a public company. The medical device maker priced 5.5 million shares at $5.50 apiece, raising about $30 million. The pricing came in at the middle of its expected range of $5 to $6 a share. Feltl and Company and Ladenburg Thalmann & Co. co-managed the deal. Shares traded up 59 cents to $6.09.

Other health care volume movers included

Pfizer

(PFE) - Get Report

, up 30 cents to $27.50;

Merck

(MRK) - Get Report

, up 80 cents to $28.69;

Genta

( GNTA), down 9 cents to $2.05;

Guidant

( GDT), up $1.40 to $73.75;

Amgen

(AMGN) - Get Report

, up $1.12 to $63.07; and

Johnson & Johnson

(JNJ) - Get Report

, up 74 cents to $61.15.