UPDATE: Collins Stewart Downgrades Human Genome Sciences to Neutral

Collins Stewart lowers its rating on Human Genome Sciences (NASDAQ: HGSI) to Neutral, as survey suggests lackluster performance in 2012. Target price is at $10.

Collins Stewart says, "We are presenting the results of our 4Q11 Benlysta tracking survey (N=30), which suggests that 83% of physicians expect to treat an average of 4.6 patients by mid-2012 and 87% expect to treat an average of 11 by YE12 (vs. 53% treating 5.1 in Dec). ...With HGSI shares up 15% YTD (vs. NBI +12%) and concerns on HGSI's ability to meet FY12+ Benlysta estimates, we are downgrading to Neutral and lowering our PT to $10 from $17."

HGSI closed at $8.36 a share on Wednesday.