Needham & Company maintains a 'Hold' on Cubist Pharmaceuticals (CBST); Cubicin Sales Beat; Awaiting Progression

Needham & Company maintains a 'Hold' on Cubist Pharmaceuticals (NASDAQ: CBST).

Analyst, Alan Carr, said, "Cubist reported $184.7M in 1Q12 U.S. Cubicin sales (+20.2% y/y), above consensus of ~$183M and our $171M estimates...We maintain our Hold rating, awaiting CB-315 and CB-5945 progression into Phase 3 trials and/or full clarity around ceftolozane pneumonia trial design. Notwithstanding our neutral near-term view, we find the company’s success in sustaining Cubicin growth to be commendable in a challenging cost-sensitive hospital environment."

Needham lowers FY12 EPS estimate from $1.75 to $1.65 and FY13 from $0.67 to $0.63.

For an analyst ratings summary and ratings history on Cubist Pharmaceuticals click here. For more ratings news on Cubist Pharmaceuticals click here.

Shares of Cubist Pharmaceuticals closed at $40.69 yesterday.

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