UPDATE: J.P. Morgan Maintains Overweight Rating, Raises PT for Human Genome Sciences

In a report published earlier today, J.P. Morgan & Co. maintained its Overweight rating for Human Genome Sciences

and raised its price target from $14.00 to $16.00. J.P. Morgan said their decision was “based on the potential of Benlysta, the first drug approved for lupus in over 50 years. We view HGSI as a company offering scarcity value with 50% global ownership of an approved biologic therapy that has multi-billion-dollar peak sales potential and could enjoy a prolonged period of monopoly-like status. However, we acknowledge that poor investor sentiment around the drug's launch has negatively affected HGSI range shares until recent bid by partner GSK. We believe HGSI's cash position is sufficient to support the global launch and continued build-out of the new product pipeline.” Human Genome Sciences closed yesterday at $14.64.