Collins Stewart Maintans a 'Buy' on Human Genome Sciences (HGSI); Promising Metrics from First Full Q:

July 22, 2011 9:41 AM EDT Send to a Friend
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Price: $14.24 --0%

Rating Summary:
    5 Buy, 18 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 29 | Down: 28 | New: 24
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Collins Stewart maintans a 'Buy' on Human Genome Sciences (NASDAQ: HGSI), raises price target from $35 to $37.

Collins analyst says, "HGSI reported 2Q11 Benlysta revenue of $7.8M (excluding $1.2M in deferred revenue at distributors), slightly below Street cons of $8.2M but above our $5.1M estimate. We are encouraged by the uptick in the average weekly Benlysta revenue run rate of $1.05M in June (vs. $0.6M in May and $0.3M in April), which suggests $13.7M with no growth in 3Q11 (vs. cons of $22.6M and CSe of $19.9M). In addition, we believe HGSI / Glaxo (NYSE: GSK) have made significant headway in just over 3 months since launch, as evidenced by the following: 1) reps have visited ~90% of the 2,265 target accounts an average of 5 times; 2) 85%-90% of target physicians have or intend to administer Benlysta within 3 months; 3) 98% of insurance verifications are approved (2-day turnaround); and 4) ~12% of target accounts (272/2,265) have already treated patients."

For more ratings news on Human Genome Sciences click here and for the rating history of Human Genome Sciences click here.

Shares of Human Genome Sciences closed at $23.22 yesterday.


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