NEW YORK — Shares of biopharmaceutical company Human Genome Sciences Inc. jumped Monday, following positive results from an early stage study of its HIV treatment candidate.
The stock gained 41 cents, or 3.6 percent, to $11.95 in afternoon trading on the Nasdaq. Shares have traded between $7.63 and $14.15 over the last 52 weeks.
Late Friday, the company said its HIV treatment candidate HGS004 was shown to be well-tolerated and exhibit antiviral activity in a Phase I clinical trial. The company, which will host its annual analyst day Wednesday in New York, said it will determine the next step of development for HGS004 in the coming months.
In a note to investors Monday, Bank of America analyst David Witzke wrote "Human Genome Sciences remains our top pick for 2006." He reaffirmed a "Buy" rating for the stock with a $20 price target.
Witzke cited the expected upcoming announcement of the Phase III clinical trial design for the company's hepatitis C treatment Albuferon. That announcement could come as early as Wednesday, he wrote.
The analyst also noted the company's development pipeline. Human Genome Sciences has a total of seven drug candidates in clinical trials and four additional drugs in clinical development through partnerships.
Piper Jaffray analyst Edward A. Tenthoff reaffirmed a "Outperform" rating with an $18 price target.
He said several key points are helping to maintain a positive outlook for the company, including the expected Albuferon late-stage study and the upcoming start of Phase III trials of the company's Lymphostat B to treat lupus.
I will do some looking around to find out exactly what HGS004 is and how it works.
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