UPDATE: Jefferies Reiterates Buy Rating, Raises PT on Cubist Pharmaceuticals

In a report published Friday, Jefferies & Company reiterated its Buy rating on Cubist Pharmaceuticals

, and raised its price target from $50.00 to $52.00. Jefferies noted, “Cubicin revenue continues to be strong ($212M for U.S. sales+ex-U.S. royalty vs. our/cons ests. $206M/$210M in 2Q12). Trading at ~3x '12 revenue (vs. ~7x for peers), we believe CBST is attractive, particularly for pipeline products potential. Both CXA-201 (Ph3) & CB-'315 (Ph3) are expected to be designated as qualifying antibiotics under GAIN Act (additional 5-yr exclusivity on top of NCE & Priority review at FDA).” Cubist Pharmaceuticals closed on Thursday at $40.63.