Wedbush Reiterates Outperform On Cubist Pharmaceuticals

Wedbush Securities is reiterating its Outperform rating and $40 price target on shares of Cubist Pharmaceuticals CBST. In a note to clients, Wedbush Securities writes, "Our Q2:11 CUBICIN sales estimate is $166.0 million (versus consensus of $165.5 million), our top-line estimate is $174.1 million (versus consensus of $175.3 million) and our bottom-line estimate is $0.52 (versus consensus of $0.41). Monthly end user demand estimates from Wolters Kluwer's Data service report April and May demand of ~$51 million and $52 million, respectively—equating to ~$61.5 million and ~$62 million when corrected for a historical 83% capture rate—suggesting to us that CUBICIN sales will come in line or slightly ahead of estimates (Exhibit 1)." Shares of CBST are down 20 cents to $36.14, a loss of 0.55%.