were among the best-performing health-related stocks Wednesday, jumping 17% after the medical-device company posted second-quarter results that topped Wall Street's forecast.
For the period ended May 31, the company earned $2.2 million, or 15 cents a share, on revenue of $7.4 million. Analysts polled by Thomson First Call expected earnings of 10 cents a share and revenue of $7.3 million. During the year-earlier period, Somanetics earned $890,183, or 8 cents a share, on revenue of $5.1 million.
"We made significant progress in our plans to advance our technology, with the recent launch of the Invos cerebral/somatic system, and our continuing development of a smaller sensor for use in smaller patients in the pediatric and neonatal ICU," the company said.
Looking ahead, Somanetics continues to see fiscal 2006 earnings of 40 cents to 42 cents a share, with about 50% revenue growth. Gross margins are expected to be about 88%. Analysts project earnings of 41 cents a share and revenue of $29.5 million, or revenue growth of about 44%. Shares were trading up $2.50 to $17.54.
rose 2% after the company said its pain drug performed well in a phase II clinical trial studying 50 knee-replacement surgery patients. The company said the drug, dubbed 4975, demonstrated pain reduction at all prespecified time intervals. "4975 has demonstrated its ability to provide relief of acute and chronic pain to patients experiencing post-surgical, neuropathic and musculoskeletal pain for weeks to months after only a single, local administration," Corgentech said. Shares were trading up 18 cents to $8.68.
rose 5% after the drugmaker signed an agreement with Green Cross, a South Korean company, to develop and commercialize its peramivir product in South Korea. The agreement with Green Cross will allow the company to accelerate the development of peramivir for treatment in strains of flu, including avian flu.
"With their strong commitment to this program, and their extensive experience using injectable therapeutics, we believe Green Cross is an ideal partner for the development and commercialization of peramivir in Korea," BioCryst said. As part of the deal, Green Cross will pay BioCryst a one-time licensing fee. BioCryst also will be eligible to receive milestone payments as well as royalties tied to commercial sales. Shares of BioCryst recently were trading up 58 cents to $12.04.
rose modestly after the specialty pharmaceuticals company posted mixed fourth-quarter results. For the period ended March 31, the company earned $11.8 million, or 21 cents a share, reversing a year-earlier loss of $520,000, or a penny a share.
The earnings per share beat analysts' mean estimate by a penny. The company's revenue rose to $87.4 million from $71.2 million, but missed Wall Street's target of $94.3 million. Shares were up 17 cents to $18.28.
Though the company received positive news from the Food and Drug Administration,
First Horizon Pharmaceutical
shares fell modestly Wednesday. The company's glycopyrrolate, which is a treatment to prevent drooling in pediatric patients who suffer from cerebral palsy and other neurological disorders, was granted orphan drug status by the FDA.
"The development of this new formulation of glycoprrolate by First Horizon, together with this orphan drug designation -- the first for the company -- are the result of our recently expanded medical affairs and regulatory group and our increased investment in new product development," the company said. Shares were recently down 5 cents to $21.40.
Other health care volume movers included
, down 2 cents to $23.02;
, down 14 cents to $18.96;
Johnson & Johnson
, up 7 cents to $61.12;
, up 9 cents to $67.03;
, up 22 cents to $15.24;
, down 24 cents to $33.42;
, down 88 cents to $78.03;
, down 68 cents to $44.75; and
, down 14 cents to $24.68.