Piper Jaffray Maintains an 'Overweight' on ISIS Pharmaceuticals (ISIS); Price Target Cut
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Piper Jaffray & Co. maintains an Overweight rating on ISIS Pharmaceuticals (Nasdaq: ISIS), lowers price target from $25 to $15.
Piper analyst says, "ISIS and partner Genzyme (Nasdaq: GENZ) reported full data from the pivotal homozygous familial hypercholesterolemia (HoFH) trial yesterday at the American Heart Association (AHA) meeting in Orlando. Investors were concerned over the liver safety issues, discontinuation rates and push out of the NDA filing resulting in a sharp 17% selloff in yesterday's session. The study enrolled 51 HoFH patients to either 200mg weekly mipomersen (n=34) or control (n=17). Mipomersen met the primary endpoint showing a significant decrease in LDL cholesterol (LDL-C) of 25% versus 3% in controls...New data showed significant decreases on other secondary endpoints including: apolipoprotein B (ApoB) down 27% in the mipomersen arm vs 3% in control, total cholesterol down 21% vs. 2% in control, non-HDL cholesterol down 25% vs 3% in control, and triglycerides down 18% vs. a 1% increase in control...Despite the robustness of the efficacy data, we remain concerned the safety profile in the study increases regulatory and market risk."
To see all the upgrades/downgrades on shares of ISIS, visit our Analyst Ratings page.
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