NEW YORK (CNNfn) - News of a successful drug test sent shares of a small biotech company soaring Thursday while a delay in earnings related to an audit sank stock in a consumer products maker.
In one of the early session's biggest stock swings, shares of CV Therapeutics Inc. (CVTX) soared after the biotech company said that tests of its drug for angina, ranolazine, have showed encouraging early results.
Donaldson Lufkin & Jenrette liked the announcement, upgrading CV Therapeutics to "top pick" from "buy" Thursday.
Shares in the Palo Alto, Calif.-based company soared on the news, climbing 5-13/16, or 65 percent, to 14-11/16.
But stock in NutraMax Products (NMPC) fell after the company said late Wednesday it will delay its quarterly earrings report after auditors couldn't reconcile and verify its inventory and certain other accounts.
In addition, the consumer health care products maker also announced a series of personnel changes, including the replacement of its chief executive officer.
Stock in Gloucester, Mass.-based NutraMax plunged 7/8, or 24 percent, to 2-3/4.
Shares in Innodata Corp. (INOD), meanwhile, fell as investors apparently took profits.
The Internet services company this week announced a three-for-one stock split and said it is repurchasing 1 million shares. The news sent Innodata stock soaring Wednesday.
But the surge didn't last. Shares of the Brooklyn, N.Y-based company dropped 3, or 11 percent, to 23-3/8
In contrast, stock in The Sportsman's Guide Inc. (SGDE) gained after the company said Thursday it signed an agreement with America Online (AOL) to promote its clothing and camping catalogs online.
Stock of the South St. Paul, Minn.-based company rose 3/8, or 7 percent, to 5-1/2.
In contrast, shares of Convergent Communications Inc. (CONV) tanked Thursday on news that Chief Financial Officer John Phibbs had resigned.
Stock in the Englewood, Colo.-based data and voice communications provider fell 1-7/8, or 15 percent, to 10-13/16.
Network-1 Security Solutions (NSSI), which develops Internet security systems, said Thursday the company had been awarded a contract to provide network planning services for Delphi Automotive Systems (DPH), the spinoff from General Motors.
But news of the deal, whose terms weren't disclosed, didn't help that company's stock.
Shares of the Waltham, Mass.-based Network-1 fell ¼, or 7 percent, to 3-1/2. 
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