Barclays Reiterates an 'Overweight' on Human Genome Sciences (HGSI); Initial Thoughts on Benlysta Approval

Barclays reiterates an 'Overweight' on Human Genome Sciences (NASDAQ: HGSI), PT $42.

Barclays analyst says, "We are reiterating our rating on shares of HGSI following today's approval of Benlysta for the treatment of systemic lupus erythematosus (SLE). With FDA highlighting a patient population ranging from 300,000 to 1.5M, with data supporting potential reduced flare and steroid sparing benefit highlighted by FDA and with no definite conclusion on lack of efficacy in African Americans, we believe that FDA press release is better than expected."

"We estimate a $46/share NPV for Benlysta sales in the US and $22/share NPV for Benlysta sales ex-US. Our current price target is $40/share and is probability adjusted with a 25x multiple on 2016 EPS estimate of $3.92, discounted at 20%."

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 $25.68 yesterday.

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