Piper Jaffray Sees Human Genome (HGSI) Selling for $21-$26/Share in Takeover

Commenting on earlier rumors from the UK's Mail that GlaxoSmithKline (NYSE: GSK) could make a move for Human Genome Sciences (Nasdaq: HGSI), Piper Jaffray's Ian Somaiya believes the recent decline in Human Genome shares does indeed provide an opportunity for Glaxo.

The analyst sees Human Genome getting taken out for somewhere in the range of $21 to $26 per share. Somaiya notes a simple partnership with Glaxo would likely prevent other possible suitors from stepping up.

Piper Jaffray maintains an Overweight rating and $18 price target on shares of Human Genome Sciences.

Human Genome shares are now up nearly 12 percent to around $12.58.

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