(Updates with recent stock movement and upgrade from Wedbush in headline and first two paragraphs.)

STAAR Surgical (STAA) shares rose more than 10% in Thursday afternoon trading after Wedbush Securities upgraded the company's stock following the company's Q1 results that beat market expectations.

The investment firm upgraded the stock to outperform from neutral and adjusted the price target to $40 from $26. Trading volume of STAAR stood at more than 2.7 million shares against a daily average of about 1.3 million.

The company reported Q1 earnings late Wednesday of $0.10 per diluted share, swinging from a loss of $1.10 a year earlier.

Analysts surveyed by FactSet expected a loss of $0.05.

Net sales for the three months ended April 3 rose to $93.5 million from $42.6 million a year earlier.

Analysts polled by FactSet expected $78.7 million.

Price: 32.53, Change: +3.13, Percent Change: +10.63