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Updated from 2:10 p.m. EST

Shares of

Hi-Tech Pharmacal

(HITK)

were among the best-performing health-related stocks Thursday, rising 21.6% after investors cheered the company's third-quarter results.

The specialty pharmaceutical company posted earnings of $3.2 million, or 38 cents a share, on sales of $21.2 million. A year ago the company earned $2.1 million, or 24 cents a share, on sales of $18 million. The jump in earnings was attributed to better sales and improved gross margins. Generic pharmaceutical sales also aided results, as the company posted a year-over-year 20% increase. Looking ahead, Hi-Tech reaffirmed its sales projections, saying they would grow by 15% to 20% during fiscal 2005. Shares traded up $3.42 to $19.26.

RehabCare

( RHB) fell 5.3% after the company posted disappointing fourth-quarter results. The rehabilitation program management services company earned $6.3 million, or 37 cents a share, on sales of $95.1 million. Analysts polled by Thomson First Call expected earnings of 39 cents a share on sales of $95.7 million. Looking ahead, RehabCare forecast 2005 earnings of $1.58 to $1.73 a share on sales of $418 million to $438 million. The earnings estimate excludes the impact of stock options expensing. Analysts are expecting 2005 earnings of $1.64 a share on sales of $413.1 million. Shares traded down $1.55 to $27.93.

Shares of

Vivus

(VVUS) - Get VIVUS, Inc. Report

slumped 13.8% after the maker of erectile dysfunction therapies said it plans to sell 6.25 million shares of stock at $3.40 apiece. The price represents an 8% discount to Wednesday's closing price of $3.71. SG Cowen is leading the underwriting syndicate. Shares traded down 51 cents to $3.20.

SFBC International

( SFCC) fell 2.9% after the drug development services company announced an offering of 3.5 million common shares at $38 each. The company is selling nearly 3.08 million shares while executive officers and directors are selling slightly more than 420,000 shares. The stock is being sold at a 3% discount to Thursday's closing price of $39.15. UBS Investment Bank is leading the underwriting syndicate. Shares traded down $1.15 to $38.

Shares of

Martek Biosciences

( MATK) fell 12.6% after the biotech company posted in-line first-quarter results but warned of a huge second-quarter shortfall. During the first quarter the company earned $7.1 million, or 23 cents a share, on sales of $66.5 million. Analysts expected earnings of 23 cents a share on sales of $64.8 million. A year ago the company posted earnings of $3.4 million, or 11 cents a share, on sales of $35.6 million. Looking ahead, Martek forecast second-quarter earnings of 10 cents to 11 cents a share on sales of $54 million to $55 million. Analysts are had been expecting earnings of 27 cents a share on sales of $72.6 million. Martek blamed the second-quarter outlook on a production shortage at one of its suppliers. Shares traded down $8.21 to $56.97.

Other health care movers included

Elan

(ELN)

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, down 41 cents to $7.47;

Pfizer

(PFE) - Get Pfizer Inc. Report

, up 1 cent to $26.75;

WebMD

(HLTH)

, down 25 cents to $8.81;

Biogen Idec

(BIIB) - Get Biogen Inc. Report

, down 70 cents to $38.61;

Merck

(MRK) - Get Merck & Co., Inc. (MRK) Report

, up 33 cents to $32.16;

Boston Scientific

(BSX) - Get Boston Scientific Corporation Report

, up 25 cents to $30;

Amgen

(AMGN) - Get Amgen Inc. Report

, down 10 cents to $61.03; and

Schering-Plough

( SGP), up 14 cents to $18.74.