Human Genome: After-Hours Trading
NEW YORK (
) --
Human Genome Sciences
(HGSI)
was the big mover in extended trading on Friday on news the Food and Drug Administration is taking a longer look at the company's proposed lupus drug.
In a joint press release issued after the closing bell, Rockville, Md.-based Human Genome and partner
GlaxoSmithKline
(GSK) - Get Report
said the FDA has extended the target date for its priority review of Benlysta as a potential treatment for systemic lupus erythematosus to March 10, 2011 from Dec. 9 of this year.
The stock was last quoted at $24.48, down 4.4%, on volume of nearly 600,000, according to
Nasdaq.com
. Based on a regular session close at $25.60, the shares were down more than 18% so far in 2010.
Human Genome said regulators requested additional information on Benlysta after the FDA Arthritis Advisory Committee met to consider the drug's biologics license application on Nov. 16, and that it has already submitted the requested data.
Skepticism has been building on Wall Street
about Benlysta in recent weeks, but the majority of analysts are still bullish about the company. Of the 17 analysts covering the stock, 13 are at either strong buy (6) or buy (7). The current median 12-month price target on the stock is $37.50, implying potential appreciation of more than 30% from current levels.
--
Written by Michael Baron in New York.
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