Updated from 2:52 p.m. EST with new stock pricesBiotech stocks took to both directions Thursday, but speculation and earnings weren't enough to ameliorate the midweek sag. In collaboration news, Amicus Therapeutics ( FOLD) announced
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. Also, Corcept ( CORT) 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, BioCryst ( BCRX) 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.