Cambrex Corp and Hi-Tech Pharmacal Co., Inc.

The major indexes were bleeding red on Tuesday as the Eurodebt crisis continues. Not all stocks finished lower, however, and several Zacks #1 Rank (Strong Buy) stocks showed strong gains.

One such stock was Cambrex Corp (CBM - Snapshot Report), which rose 7.7%.

Cambrex Corp is a life sciences company that manufactures chemical products for the development and commercialization of new and generic therapeutics. It was founded in 1981 and has a market cap of $149 million.

Earnings estimates moved higher following better than expected second quarter results. Sales in Q2 rose 18% to $67.5 million, beating the Zacks Consensus Estimate of $63.0 million. Earnings per share increased 33% to $0.16, ahead of the Zacks Consensus Estimate of 13 cents.

Based on current Zacks Consensus Estimates, analysts project strong growth for CBM over the next two years. The 2011 consensus estimate is 47 cents, corresponding with 27% growth, and the 2012 consensus estimate is 52 cents, equating to 11% growth.

The valuation picture looks attractive with shares trading at just 10.8x forward earnings, well below its historical median of 17.3x.

Hi-Tech Pharmacal Co., Inc. (HITK - Snapshot Report) was also in the green on Tuesday, gaining 4.0%.

Hi-Tech Pharmacal manufactures prescription and over-the-counter pharmaceuticals under branded and generic labels. It is headquartered in Amityville, New York and has a market cap of $378 million.

The company reports its results for the first quarter of its fiscal 2012 before the market opens on September 7.

Hi-Tech Parmacal has delivered 4 consecutive positive earnings surprises and has seen a steady rise in consensus estimates over the last several months. Shares trade at only 10.9x the 2012 consensus estimate.

Other notable top performing Zacks #1 Rank stocks from Tuesday include: U.S. Home Systems, Inc. (USHS - Snapshot Report), which was up 3.9%, CVR Energy Inc. (CVR), which rose 3.7%, and Susser Holdings Corporation (SUSS - Snapshot Report), which gained 3.6%.

To see the full list of Zacks #1 Rank (Strong Buy) stocks click here.

Todd Bunton is the Growth & Income Stock Strategist for Zacks Investment Research.

Read the full analyst report on HITK

Read the full analyst report on CBM