Needham & Company Maintains a 'Hold' on ISIS Pharmaceuticals (ISIS); 2Q11/Early 3Q11 Review - Mipomersen Application in EU (Submitted) and US (Expected by YE11)

Needham & Company maintains a 'Hold' on ISIS Pharmaceuticals (NASDAQ: ISIS).

Needham analyst says, "We maintain our rating, and we note the ISIS technology value of ~$400MM. In the near-term, we believe mipomersen remains the main value driver: we expect little newsflow from this program as the EU application (recently submitted) and US application (to be submitted later this year) make their way through the review process. ISIS has made encouraging process in its emerging pipeline (24 drugs in development). We favor the cardiovascular franchise APOCIII and the Factor XI inhibitor programs as well as the oncology franchise EIF4 program, yet we await PoC data from these programs to better understand the value of the pipeline. A broader than expected label for mipomersen or accelerated progress of the clinical trials underway for other pipeline products may provide an upside to our valuation thesis. In the long-term, we believe that Isis’ broad antisense platform under development by ISIS and/or its brand name biotech/Pharma partners may drive the valuation theme."

For more ratings news on ISIS Pharmaceuticals click here and for the rating history of ISIS Pharmaceuticals click here.

Shares of ISIS Pharmaceuticals closed at $7.94 yesterday.

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