Morgan Joseph Reiterates a 'Buy' on Isis Pharmaceuticals (ISIS); Could Be Acquired by Potential Partners
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Morgan Joseph reiterates a 'Buy' on Isis Pharmaceuticals (Nasdaq: ISIS), price target $18.
Morgan analyst says, "Yesterday, Isis reported detailed data from Mipomersin's HoFH Phase III study. Primarily because Genzyme announced a delay in the filing for Mipomersin, the stock was weak following the announcement of the data. The bear case, which we elucidate below, is not very strong, in our opinion...We believe there are significant opportunities from Isis' proprietary pipeline candidates beyond Mipomersin. Isis recently reported top-line data from its phase II study evaluating Isis 13715, a PTB-1B inhibitor in diabetes patients. In addition, we believe there is increased optimism among potential partners around Isis' CRP-targeting drug candidate...The company has a strong financial position with over $600 million in cash and a low cash burn...There were several large pharmaceuticals interested in partnering Mipomersin when Genzyme inlicensed the drug in January 2008. If the stock lingers at current valuations, we would not be surprised if potential partners acquire Isis (possibly, along with Genzyme (Nasdaq: GENZ))."
To see all the upgrades/downgrades on shares of ISIS, visit our Analyst Ratings page.
Isis Pharmaceuticals, Inc., through its drug discovery platform based on antisense technology, discovers and develops drugs that bind to RNA antisense technology.
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