Thursday, March 10, 2011

Biotech Doesn't Get Human Genome (HGSI) Bump

Negative economic news is weighing on the markets today, and even with the nice performance of Human Genome Sciences (NASDAQ:HGSI), it wasn't enough to push the sector up with them.

Human Genome Sciences was jumping over 12 percent after the FDA approved the company's Benlysta drug for the treatment of lupus. The drug is the first designed specifically to treat lupus, an incurable condition, afflicting 1.5 million Americans and 5 million people worldwide, Bloomberg News reported. GlaxoSmithKline (NYSE:GSK) is partnering with Human Genome Sciences on Benlysta. One analyst cited by Bloomberg said Benlysta sales could reach $2.3 billion in the U.S. and $3.6 billion globally in 2015.

The companies expect to have Benlysta available to doctors within two weeks, according to Human Genome.

Biomarin Pharmaceutical (NASDAQ:BMRN) is down 2% today. Biogen Idec (NASDAQ:BIIB) is lower by 1%. Both had unsuccessfully attempted to bring lupus treatments to the market in the past.

In other parts of the biotech sector, Transition Therapeutics (NASDAQ:TTHI) is plummeting 16% on high volume. Spectrum Pharmaceuticals (NASDAQ:SPPI) and Exelixis (NASDAQ:EXEL) are also trading at higher-than-normal volumes.

Human Genome was trading at $28.91, gaining $3.23, or 12.58 percent, as of 1:42 PM EST.

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