Shares of BioMarin Pharmaceutical ( BMRN) soared in late trading Wednesday after company announced positive results from a phase III study of Phenoptin.

The drug, which BioMarin is developing with Serono ( SRA), is being tested as a treatment for phenylketonuria, a genetic condition that can cause brain damage, mental retardation, seizures and tremors. BioMarin said the study data found that participants taking Phenoptin had a statistically significant reduction in their blood phenylalanine levels after six weeks of treatment compared with those receiving placebo.

Separately, BioMarin said it's selling certain rights to its pediatric asthma drug Orapred. Privately held Alliant Pharmaceuticals will acquire the North American rights to the drug, and BioMarin will receive various payments and royalties. BioMarin will retain commercial rights to the drug outside of North America. BioMarin shares surged $3.05, or 25%, to $15.50 after hours.

Faro Technologies ( FARO) plummeted after the maker of computerized measurement devices said it would delay filing its annual report after an internal review revealed "suspicious payments" in connection with sales activities in China. The company said it is conducting an internal investigation to determine the extent of any improper payments, as well as possible deficiencies in its books and internal controls relating to operations in the Asia-Pacific region. Faro said it contacted both the Securities and Exchange Commission and the U.S. Department of Justice. The company withdrew its 2006 guidance in light of the probe. Shares tumbled $2.51, or 15.3%, to $13.90 in late trading.

Shares of Gymboree ( GYMB) advanced after the San Francisco-based specialty retailer beat Wall Street's fourth-quarter earnings expectations. The company posted income of $20.4 million, or 61 cents a share, compared with a loss of $811,000, or 3 cents a share, during the same period a last year. Sales increased to $206.4 million from $173 million, while same-store sales rose 14%. Analysts polled by Thomson First Call were looking for earnings of 54 cents a share on revenue of $205.5 million.

Gymboree forecast first-quarter earnings from continuing operations of 28 cents to 30 cents a share before the impact of stock-based compensation. The company reaffirmed its forecast for same-store sales growth in the mid-single digits percentage. For the full fiscal year, the company expects income from continuing operations in the range of $1.16 to $1.20 a share, excluding 13 cents to 15 cents in stock-based compensation costs. Wall Street targets earnings of 26 cents a share for the first quarter and $1.15 for the year. Gymboree shares gained $1, or 4%, to $26.05 in Wednesday's late trading.

Cbeyond Communications ( CBEY) shares rose after the provider of IP-based communications posted fourth-quarter results that beat Wall Street's expectations. The company reported income of $5.3 million, reversing a year-earlier loss of $3.3 million. Per-share earnings, which include the effects of preferred stock dividends, were 20 cents. Analysts' forecast called for earnings of 10 cents a share. Revenue increased to $44.3 million from $31.2 million, surpassing analysts' projection of $43.9 million.

For 2006, Cbeyond predicts revenue of at least $206 million. Analysts currently target $205.7 million in revenue. Shares advanced 95 cents, or 7.1%, to $14.25 in late trading.

Shares of Wynn Resorts ( WYNN) slipped after the Las Vegas-based company said it plans to restate financial statements for 2003, 2004 and the first three quarters of 2005, in order to adjust the accounting for interest-rate swap transactions. The company said the restatement will cut its overall loss by about $16.2 million at Sept. 30, 2005. The restatements won't affect cash flow from operating activities, Wynn said. Shares fell 91 cents, or 1.3%, to $70.50 in after-hours trading.

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