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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001029869-98-001182.txt : 19981008
<SEC-HEADER>0001029869-98-001182.hdr.sgml : 19981008
ACCESSION NUMBER:		0001029869-98-001182
CONFORMED SUBMISSION TYPE:	SC 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19981007
SROS:			NONE

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CUBIST PHARMACEUTICALS INC
		CENTRAL INDEX KEY:			0000912183
		STANDARD INDUSTRIAL CLASSIFICATION:	PHARMACEUTICAL PREPARATIONS [2834]
		IRS NUMBER:				223192085
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G/A
		SEC ACT:		
		SEC FILE NUMBER:	005-47321
		FILM NUMBER:		98722079

	BUSINESS ADDRESS:	
		STREET 1:		24 EMILY ST
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139
		BUSINESS PHONE:		6075761999

	MAIL ADDRESS:	
		STREET 1:		24 EMILY ST
		CITY:			CAMBRIDGE
		STATE:			MA
		ZIP:			02139

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			H&Q HEALTHCARE INVESTORS
		CENTRAL INDEX KEY:			0000805267
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 0000 [0000]
		IRS NUMBER:				046564285
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		SC 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		50 ROWES WHARF
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
		BUSINESS PHONE:		6175740537

	MAIL ADDRESS:	
		STREET 1:		50 ROWES WHARF
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02110
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G/A
<SEQUENCE>1
<DESCRIPTION>CUBIST PHARMACEUTICALS FORM SC 13G/A
<TEXT>



                                                    ----------------------------
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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                               (Amendment No. 2)*


                             Cubist Pharmaceuticals
- --------------------------------------------------------------------------------
                                (Name of Issuer)


                                     Common
- --------------------------------------------------------------------------------
                         (Title of Class of Securities)


                                   229990 98 1
- --------------------------------------------------------------------------------
                                 (CUSIP Number)

Check the following box if a fee is being paid with this statement [ ]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)

* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



SEC 1745 (2/92)                Page 1 of 4 pages


<PAGE>


- -------------------------                           ---------------------------
|CUSIP No.  229990 98 1 |              13G         |  Page  2  of   4  Pages  |
|           ----------- |                          |       ---     ---        |
- -------------------------                           ---------------------------

|--------|---------------------------------------------------------------------
|  1     |  NAME OF REPORTING PERSON
|        |  S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
|        |
|        |  Hambrecht & Quist Capital Management Incorporated
|--------|---------------------------------------------------------------------
|  2     |  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*         (a) [ ]
|        |                                                            (b) [X]
|        |
|--------|---------------------------------------------------------------------
|  3     |  SEC USE ONLY
|        |
|--------|---------------------------------------------------------------------
|  4     |  CITIZENSHIP OR PLACE OF ORGANIZATION
|        |
|        |  California Corporation
|--------|-----------------|--------|------------------------------------------
|                          |   5    | SOLE VOTING POWER
|                          |        | 1,620,505
|        NUMBER OF         |---------------------------------------------------
|         SHARES           |   6    | SHARED VOTING POWER
|      BENEFICIALLY        |        |
|        OWNED BY          ----------------------------------------------------
|          EACH            |   7    |  SOLE DISPOSITIVE POWER
|       REPORTING          |        |  1,620,505
|         PERSON           ----------------------------------------------------
|          WITH            |   8    |  SHARED DISPOSITIVE POWER
|                          |        |
|--------|---------------------------------------------------------------------
|   9    | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
|        |
|        | 1,620,505
|--------|---------------------------------------------------------------------
|  10    | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
|        | SHARES*
|        |
|--------|---------------------------------------------------------------------
|  11    | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
|        | 15.3%
|--------|---------------------------------------------------------------------
|  12    | TYPE OF REPORTING PERSON*
|        | IA
- -------------------------------------------------------------------------------
                      *SEE INSTRUCTION BEFORE FILLING OUT!

                                Page 2 of 4 pages

<PAGE>


                              SCHEDULE 13G EXHIBIT

Item 1.

     Cubist Pharmaceuticals
     24 Emily Street
     Cambridge, MA  02139


Item 2.

     Hambrecht & Quist Capital Management Incorporated
     50 Rowes Wharf - 4th Floor
     Boston, MA  02110-3328
     (California corporation)

     Common stock
     CUSIP: 229990 98 1


Item 3.

     (e)  Investment Adviser


Item 4.

     Hambrecht & Quist Capital Management Incorporated ("HQCM") disclaims any
     beneficial interest in the shares reported in this Schedule 13G. Moreover,
     HQCM is of the view that the client accounts that it manages are not acting
     as a "group" for purposes of Section 13(d) under the Securities and
     Exchange Act of 1934 (the "1934 Act") and that it and such clients are not
     otherwise required to attribute to each other the "beneficial ownership" of
     securities "beneficially owned" under Rule 13d-3 promulgated under the 1934
     Act. Therefore, HQCM is of the view that the shares held in such accounts
     should not be aggregated for purposes of Section 13(d). However, HQCM is
     making this filing on a voluntary basis as if all the shares are
     beneficially owned by HQCM on a joint basis.


     1,620,505 shares of Common stock  beneficially owned 
     15.3% of Common 
     1,620,505 sole voting power (i) and sole dispositive power (iii)


Item 5.

     N/A


Item 6.

     N/A



                                       E-1
<PAGE>


Item 7.

     N/A


Item 8.

     N/A


Item 9.

     N/A


Item 10.

     By signing below I certify that, to the best of my knowledge and belief,
     the securities referred to above were acquired in the ordinary course of
     business and were not acquired for the purpose of and do not have the
     effect of changing or influencing the control of the issuer of such
     securities and were not acquired in connection with or as a participant in
     any transaction having such purposes or effect.

     After reasonable inquiry and to the best of my knowledge and belief, I
     certify that the information set forth in this statement is true, complete
     and correct.


     Date:       10/7/98
                 ---------------------------------------------------

     Signature:  /s/ Kimberley L. Carroll
                 ---------------------------------------------------
     Name/Title: Kimberley L. Carroll, Vice President
                 Hambrecht & Quist Capital Management Incorporated



                                       E-2



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</DOCUMENT>
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