Human Genome (HGSI) Shares Lower Amid Concerning Benlysta Sales for July; Analyst Sees Potential Glaxo Bid at a Discount (GSK)

Shares of Human Genome Sciences (Nasdaq: HGSI) are down sharply Wednesday afternoon as market-research firm Wolters Kluwer has shown disappointing Benlysta sales for the month of July.

Seemingly causing a sharp move lower midday, an intraday note from Piper Jaffray suggests GlaxoSmithKline (NYSE: GSK) may bid for Human Genome at a discount to Benlysta's market value.

The firm argues Human Genome shares could be valued at a range of $21 to $26 given recent biotech deals. Still, the firm cut its price target on shares of Human Genome from $31 to $18 Wednesday.

Human Genome shares last traded at $13.20, down 7.6 percent from Tuesday's close.

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