ISIS Pharmaceuticals (ISIS) May Have Best Pipeline in Biotech - Piper Jaffray

Piper Jaffray analyst Joshua Schimmer, MD reiterated an Overweight rating and $42 price target on ISIS Pharmaceuticals (NASDAQ: ISIS) following yesterday's ISIS R&D day saying the company may have the best pipeline in biotech.

We attended yesterday's ISIS R&D day. In addition to reviewing some of its deep pipeline of orphan and metabolic antisense drugs, the company announced provocative topline results from an ongoing P2 study of ISIS-FXIrx for prevention of thrombosis. The anti-coagulation market is a multi-billion market and last year Sanofi's Lovenox sales were $1.7B despite facing pressure from generic manufacturers. ISIS-FXIrx beat Lovenox on both clotting and bleeding in patients undergoing total knee replacement or arthroplasty. Once one accepts that the cash + derisked P3 APOC3 program for elevated triglycerides justify the current valuation, one may then appreciate that the collection of wholly owned and partnered assets represents arguably the most attractive and undervalued pipeline in biotech, in our view. ISIS is a top mid-cap pick."

For an analyst ratings summary and ratings history on ISIS Pharmaceuticals click here. For more ratings news on ISIS Pharmaceuticals click here.

Shares of ISIS Pharmaceuticals closed at $24.95 yesterday.

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