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Updated from 2:52 p.m. EST with new stock prices

Biotech stocks took to both directions Thursday, but speculation and earnings weren't enough to ameliorate the midweek sag.

In collaboration news,

Amicus Therapeutics

(FOLD) - Get Amicus Therapeutics Inc. Report


a deal with


( SHPGY) to develop Amicus' three lead compounds for rare genetic disorders Pompe disease, Goucher's disease and Fabry disease. Shares rose 67 cents, or 4.2%, to $16.75.


Biogen Idec

(BIIB) - Get Biogen Inc. Report

shares gained $3.86, or 5.4%, to $74.99 after

The Financial Times'

dealReporter raised speculation about likely bidders for the biotech company, namely,


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(PFE) - Get Pfizer Inc. Report



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Johnson & Johnson

(JNJ) - Get Johnson & Johnson Report


Elsewhere, earnings ruled (and sometimes ruined) the day.

King Pharma

( KG) reported net earnings (excluding items) of $128 million, or 52 cents a share, during the third quarter, compared to net earnings of $106 million, or 44 cents a share, in a year ago. Total revenue increased 11% to $545 million, surpassing the Thomson Financial consensus target of 45 cents a share on revenue of $528.4 million.

Shares added $1.37, or 13.6%, to $11.42. King is a component of the Amex Pharmaceutical index, which was essentially flat.

Noven Pharmaceuticals

(NOVN) - Get Novan Inc. Report

reported a net loss of $59 million, or $2.38 a share, including the impact of the charges (namely a $100.2 million charge for the acquisition of JDS Pharmaceuticals). Excluding charges and related tax-effects, the company said net income for the current quarter would have been $7.6 million, or 30 cents a share, compared to $5 million, or 20 cents a share, a year ago. Noven reported net revenue increased 39% to $21.8 million. The Thomson Financial consensus target was 17 cents a share on revenue of $23.5 million.

Noven shares rose $1.24, or 9.2%, to $14.75.

Wednesday after close,

Somaxon Pharmaceuticals

( SOMX) reported a net loss of $5.7 million, or 31 cents a share, vs. $9.8 million, or 55 cents a share, for the year-ago quarter. Analysts were expecting a loss closer to 39 cents a share for the quarter, and JP Morgan upgraded the stock to neutral from underweight on Thursday. Shares garnered 89 cents, or 15.5%, to $6.65.

Less fortunate Thursday was

Abraxis BioScience

( ABBI), which reported adjusted third-quarter earnings of $23.1 million, or 15 cents a share, in the recent quarter, compared to $16.7 million, or 10 cents a share, in the year-ago period. And the company reported revenue of $241 million, vs. $203.1 million in the 2006 quarter, falling shy of estimates of analysts surveyed by Thomson Financial who expected 22 cents a share, on revenue of $253.9 million. Shares fell $2.29, or 9.5%, to $21.93.



(CORT) - Get Corcept Therapeutics Incorporated Report

gave up 49 cents, or 15.2%, to $2.75. The company reported a third-quarter loss of $3.4 million, or 9 cents a share, vs. a loss of $6.4 million, or 28 cents a share, in the year-ago period. The consensus target was for a loss of 9 cents a share.

And hitting a new 52-week low,


(BCRX) - Get BioCryst Pharmaceuticals Inc. Report

aired its results as well. The company reported revenue of $20.5 million vs. $1.8 million in the year-ago quarter, and a net loss of $11 million, or 32 cents a share, compared to a loss of $15.6 million, or 53 cents a share, in the year-ago quarter. The consensus target was a loss of 28 cents a share on revenue of $10.51 million. Shares declined 72 cents, or 9.4%, to $6.95.