ISIS Pharmaceuticals (ISIS) PT Raised to $91 at Needham & Company Amid Recent SMA Data

Needham & Company analyst Chad Messer reiterated a Buy rating and boosted his price target on ISIS Pharmaceuticals (NASDAQ: ISIS) to $91.00 (from $88.00), saying the shares do not fully reflect the recent SMA Data.

Messer commented, "ISIS recently presented updates from 2 ongoing Phase II studies with ISIS-SMNRx. We remain impressed with the efficacy of these studies and believe investors do not fully appreciate their significance. Specifically, investors may be confused about how sick Spinal Muscular Atrophy (SMA) patients are. The sickest Type I SMA infants have a life expectancy of 10.5 mo vs 16.7 mo (and counting) in an ongoing Phase II trial. Importantly, ISIS-SMNRx has corroborated these survival improvements with meaningful functional improvements in CHOP INTEND in infants and HFMSE in children. Phase III studies are well underway but we reiterate our belief that the efficacy demonstrated so far by ISIS-SMNRx already exceeds what is necessary for approval in a deadly pediatric orphan indication."

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 $64.64 yesterday.

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