Jefferies Downgrades ISIS Pharmaceuticals (ISIS) Two-Notches to Underperform

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Jefferies downgraded ISIS Pharmaceuticals (NASDAQ: ISIS) from Buy to Underperform with a price target of $10.00.

The firm comments, "Significant recent run-up in ISIS shares despite no fundamental changes prompts us to change our view. We view current valuation is largely factored in for positive CHMP recommendation in 2H12 and favorable FDA's AdComm panel outcome (likely in ~4Q12) for Kynamro. With likely slow launch in EU, potential commercial risks and competitor dynamics (lomitapide, PCSK9 inhibitors), we see limited near-term upside. No estimate changes."

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 $14.03 yesterday, with a 52 week range of $6.25-$14.05.

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