PharmaNet Development Group is making its latest comeback—in a big way. The contract research organization (CRO) blew away analysts’ expectations when it reported second quarter earnings after the closing bell Wednesday. Its shares were up more than 30% to $23.62 in late morning trading Thursday.

The company swung to a profit, reporting second-quarter net income of $2.2 million, or 11 cents a share, compared with a net loss of $4.5 million, or 24 cents, in the prior year quarter. Estimates from analysts were four cents a share. Jefferies & Co. boosted its stock rating from hold to buy.

PharmaNet’s second quarter revenue jumped 13% to $96.8 million. The company stuck with its 2008 guidance for net income of 53 cents to 63 cents on a range of revenue of $390 million to $399 million.

Early stage development was a strength in the quarter with direct revenue jumping 40% to $43 million.