JMP reiterates Cubist at strong buy

Cubist Pharmaceuticals Inc. was reiterated at a strong buy by JMP Securities analyst Adam Cutler after Cubicin was recommended for approval in the European Union and granted priority review by the U.S. Food and Drug Administration for its Supplemental New Drug Application. Also, Cubist announced it will add another 36 sales people, a move Cutler believed will result in increased sales. Cutler raised the price target to $26 from $25 and the earnings-per-share estimates for 2006 to $0.35 from $0.30 and for 2007 to $1.14 from $1.12. Shares of the Lexington, Mass.-based pharmaceutical company were down $0.23, or 1.01%, at $22.48 on volume of 648,790 shares versus the three-month running average of 659,719 shares.

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