Human Genome Sciences Rockets 14% on Positive Comments

Human Genome Sciences (NASDAQ:HGSI) shares are up huge today. It sure helps a key partner was singing their praises yesterday after hours. The CFO of GlaxoSmithKline (NYSE:GSK) described the company’s current relationship with Human Genome Sciences (NASDAQ:HGSI) as “very happy,” according to Bloomberg. Rumor has it that GlaxoSmithKline is interested in bidding for its smaller partner.

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Another positive pushing the stock higher is a “bottom” call by Piper Jaffray. Although the firm cut its Benlysta sales estimates for Human Genome and decreased its price target for the stock to $11 from $15, Jaffray thinks shares are about to bottom out. The firm is keeping an Overweight rating on the stock.

Here’s how HGSI shares are reacting to the good news:

Human Genome Sciences Inc. (NASDAQ:HGSI): HGSI shares recently traded at $9.07, up $1.04, or 12.95%. They have traded in a 52-week range of $6.51 to $30.15. Volume today was 10,121,668 shares versus a 3-month average volume of 6,339,440 shares. The company’s trailing earnings are $-2.03 per share.

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To contact the reporter on this story: Gina Smith at staff.writers@wallstcheatsheet.com

To contact the editor responsible for this story: Damien Hoffman at editors@wallstcheatsheet.com