Stale Green Light

Human Genome Sciences Inc. (HGSI) has contributed to the rising of US stocks due to their experimental drug, Benlysta, proving successful in the study-stages. The drug is tested to treat Lupus, an autoimmune disease that is hard to treat. The disease hasn’t seen any new or improved treatments in a long time. Because of the success of the trial run, Citigroup believes it is a takeover target of their partner company GlaxoSmithKline. Human Genome Sciences Inc. (HGSI) sees having a $1.3 billion in sales in 2013 as well as money coming in from royalties on two other drugs for Glaxo.

The stock hit its peak about 8 hours ago at around 6am. This made HGSI top the list of the “biggest percentage price gainers” of the Nasdaq Stock Market.

Just as things were appearing to get better of Wall Street – there is talk of a potential CIT Group bankruptcy. Today CIT Group announced that bailout talks with the government had fallen through. Apparently CIT group is not considered “too big to fail” as other companies who were bailed out in the past year were thought to be. This potential bankruptcy would be the first large financial institution to fall since Lehman Brothers in 2008.

CIT Group is a major lender to small and medium size businesses throughout the country. Over a century old, CIT group began lending in the riskier markets of sub-prime mortgages and student loans. The recession had a major impact on these areas and CIT group has suffered from the resulting impacts.

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