Needham & Company Reiterates a 'Buy' on Cubist Pharmaceuticals (CBST); 2Q11 Cubicin Sales Slightly Above Expectations and Guidance Raised for the Year

Needham & Company reiterates a 'Buy' on Cubist Pharmaceuticals (NASDAQ: CBST), PT increased from $33 to $39.

Needham analyst says, "Cubist announced $168.6MM (+8.8% y/y) in 2Q11 U.S. Cubicin sales last night, just above our $167MM and street $165MM expectations. GAAP loss of $(0.34) per share was due to recognition of earn-out payments to Calixa shareholders around progression of the CXA-201 program. We remain favorably inclined towards the stock. Cubicin sales growth is modest, but the stable cash flow and effective sales force may be attractive to an acquirer."

For more ratings news on Cubist Pharmaceuticals click here and for the rating history of Cubist Pharmaceuticals click here.

Shares of Cubist Pharmaceuticals closed at $35.93 yesterday.

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