Collins Stewart Maintains a 'Neutral' on Human Genome Sciences (HGSI); Review of Benlysta Sales

Collins Stewart maintains a 'Neutral' on Human Genome Sciences (NASDAQ: HGSI) price target of $10.00.

Collins analyst, said, "Wolters Kluwer (WK) reported Benlysta gross sales of $10.6M for the month of February (+4% growth MoM). Adding this to WK January gross Benlysta sales of $10.2M (+12% MoM) suggests total Benlysta gross sales of $20.8M for the first two months of 1Q12. In order to meet 1Q12 Benlysta net Street consensus of ~$32M (according to HGSI; CSe of $34.5M), March sales need to be $11.2M, +6% MoM."

"We are not adjusting the WK gross sales numbers to net estimates when comparing to net Street consensus, as 4Q11 WK sales numbers were only 3% higher than HGSI's reported net sales (vs. 2% in 3Q11 and -5% in 2Q11). If we adjust WK January/February gross sales by 3%, we arrive at $20.2M in sales, suggesting that March WK sales numbers should be $12.2M, +18% MoM to meet consensus."

For an analyst ratings summary and ratings history on Human Genome Sciences click here. For more ratings news on Human Genome Sciences click here.

Shares of Human Genome Sciences closed at $8.10 yesterday.

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