Collins Stewart Reiterates a 'Buy' on Human Genome Sciences (HGSI); Benlysta Poised for a Solid Launch

Collins Stewart reiterates a 'Buy' on Human Genome Sciences (NASDAQ: HGSI), PT $37.

Collins analyst says, "Yesterday, we attended HGSI's analyst meeting where the company discussed its strategic outlook as it relates to Benlysta commercialization, the R&D pipeline for Benlysta in lupus and beyond (P3 sub-Q study in lupus initiating by YE11 and P2 vasculitis starting in YE11/1Q12), the ex-Benlysta pipeline and its financial outlook. While it is early (given the March 24 launch), we are encouraged by management's positive tone regarding a high level of physician awareness/patient interest and a relative lack of significant reimbursement issues. We believe the rapidly granted Benlysta Q-code (available July 1st) will further support physician uptake. HGSI will provide launch metrics on account ordering trends (by segment: academic centers, community clinics, infusion centers), insurance verification trends, and payor coverage on its 2Q11 earnings call. We currently model for Benlysta revenue of $5.1M in 2Q11 and $61.4M in 2011, below consensus (<$80M), which we believe appears achievable."

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 $29.20 yesterday.

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