UPDATE: Bank of America Merrill Lynch Lowers PO on Human Genome Sciences to $13

Bank of America Merrill Lynch is out with its report today on Human Genome Sciences (NASDAQ: HGSI), lowering its PO to $13 from $24.

In its report, Bank of America Merrill Lynch writes, "We are lowering our PO from $24 to $13, driven by lower Benlysta sales projections and lower probability of success assumptions. The change is driven by the disappointing July IMS sales data, which not only failed to show an increase in adoption required to meet our prior estimates but implied fewer patients started on Benlysta in July vs June."

Bank of America Merrill Lynch maintains Underperform on HGSI.

Shares of HGSI closed Thursday at $12.54, down 2.64% from Wednesday's close.