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What: Shares Alkermes (Nasdaq: ALKS) rose more than 10% before settling at up 9.8% at the close. The biotech reported a narrower than expected fiscal third-quarter loss on better than expected revenue.

So what: Strong demand for RISPERDAL CONSTA, a treatment for schizophrenia and bipolar disorder, drove results. Revenue came in at $43.9 million, about even with last year's Q3. Net loss per share came in at $0.12. Analysts were expecting a $0.15 per share loss on $43.2 million in revenue.

Now what: Biotech is a tough business, but Alkermes seems to be doing well at it. At the same time it reported results, the company also said that its partner in developing the diabetes treatment BYDUREON, Amylin Pharmaceuticals (Nasdaq: AMLN), has secured written approval for a TQT study of the drug to determine cardiac safety -- a good sign and meaningful progress.

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Fool contributor Tim Beyers is a member of the Motley Fool Rule Breakers stock-picking team. He didn't own shares in any of the companies mentioned in this article at the time of publication. Check out Tim's portfolio holdings and Foolish writings, or connect with him on Twitter as @milehighfool. You can also get his insights delivered directly to your RSS reader

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