InVentiv Health shares soar on 3Q profit results

The stock gained $3.16, or 35 percent, to reach $12.19 in afternoon trading. Shares have traded between $7.93 and $36 over the last 52 weeks.

On Thursday, the Somerset, N.J.-based company said it earned $13.3 million, or 40 cents per share, marking a 6 percent drop from profit of $14.1 million, or 43 cents per share, during the same period a year earlier. Revenue rose 13 percent to $289.2 million from $254.9 million.

Analysts polled by Thomson Reuters expected profit of 38 cents per share on revenue of $278.6 million.

"While we are pleased with our performance, we recognize that we continue to operate in a challenging environment, and as a result, we are taking steps to build additional flexibility and efficiency into our model," said Chief Executive Blane Walter, in a statement.

Despite the cautious tone, the company reaffirmed its full-year revenue outlook of $1.05 billion to $1.15 billion. Analysts expect revenue of $1.11 billion.

Meanwhile, inVentiv reaffirmed its outlook for profit of 90 to 95 cents per share for the second half of 2008.