Anacor Pharmaceuticals Hits Record High On Earnings

Shares of Anacor Pharmaceuticals Inc. catapulted by more than 16% to a new high of $56.60 Friday after the drug maker reported a fourth-quarter loss that was less than half of what analysts expected, and revenue that was more than double Wall Street forecasts. Anacor said it received upfront payments totaling $65 million from Novartis subsidiary Sandoz to distribute Anacor's Kerydin, a topical treatment for toenail fungus. Anacar's net loss was 24 cents a share, down from a forecasted loss of 59 cents a share. Sales were $9.6 million against the $4.7 million expected.