CORAL GABLES, Fla. (AP) _ Catalyst Pharmaceutical Partners Inc. (CPRX) on Wednesday reported second-quarter net income of $11 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Coral Gables, Florida-based company said it had net income of 10 cents.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 3 cents per share.
The specialty drug company posted revenue of $28.8 million in the period, also surpassing Street forecasts. Five analysts surveyed by Zacks expected $19.2 million.
Catalyst shares have more than doubled since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $5.13, an increase of 72% in the last 12 months.