Human Genome Sciences Up 22% In The Pre-Market
November 02, 2009 6:54 AM
Human Genome Sciences (Nasdaq: HGSI) is trading up 22% in the pre-market on news that it and GlaxoSmithKline PLC (NYSE: GSK) announced that BENLYSTA™ (belimumab) met the primary endpoint in BLISS-76, the second of two pivotal Phase 3 trials in seropositive patients with systemic lupus erythematosus.
In August 2006, HGS and GSK entered into a definitive co-development and co-commercialization agreement under which HGS has responsibility for conducting the belimumab Phase 3 trials, with assistance from GSK. The companies will share equally in Phase 3/4 development costs, sales and marketing expenses, and profits of any product commercialized under the current agreement.
Leerink Swann raised its price target on Human Genome Sciences from $30 to $40 after hear about the new Lupus drug data.
