Healthcare Sector Review: Human Genome Sciences Soars on Lupus Sales Outlook
Human Genome Sciences (NASDAQ:HGSI): Heavy volume helps HGS shares soar. The biotech group said earlier this week that it expected to post 2011 sales of $59M for its new lupus drug, Benlysta. Although below analysts’ estimates, Piper Jaffray noted yesterday the shares were near a bottom. The shares closed at $9.44, up $1.41, or 17.56%, on the day. Its market capitalization is $1.88 billion.
NuVasive, Inc. (NASDAQ:NUVA) announces its preliminary FY11 revenue will be ahead of Street views, helping it move up. It now expects to earn more than the consensus estimates of $538M to somewhere around $540M. The shares closed at $14.12, up $1.82, or 14.8%, on the day. Its market capitalization is $596.49 million.
Fitch maintains Bristol Myers Squibb Co.’s (NYSE:BMY) debt rating at A+ and its outlook at Negative even after the drug company’s deal to buy Inhibitex (NASDAQ:INHX) for $2.5B. Although Bristol has enough cash to pay for Inhibitex, the latter will not provide immediate help to an expected fall in Bristol’s revenues due to the expiration of patents. The shares closed at $34.10, down $0.52, or 1.5%, on the day. Its market capitalization is $57.78 billion.