Jefferies Cuts Price Targets on ISIS Pharmaceuticals (ISIS), Has Enough Cash Through 2014

Jefferies is reiterating its Buy rating on shares of ISIS Pharmaceuticals (NASDAQ: ISIS) and is reducing it price target from $12 to $10.

The company reported a larger than expected Q3 loss due to lower than expected collaborative R&D revenues of $21 million. Management also announced plans report a $5 million milestone payment from GlaxoSMithKline in Q4 for selection of ISIS-AATRx as a development candidate.

The firm believes ISIS has enough cash to operate through 2014 due to recent milestone announcements and following its third quarter results.

Jefferies comments that the U.S. regulatory filing for Kynamro (mipomersen) in HoFH on pace for the fourth quarter, The firm anticipates FDA Endocrinologic and Metabolic Drugs Advisory Committee meeting for Kynamro will take place in the first half of 2012. Management is expected to provide an update of its pipeline on January 5 during its R&D day.

Jefferies is tweaking its FY11, FY12, and FY13 EPS estimates from ($0.54), ($1.20), and ($1.18) to ($0.84), ($0.91), and ($1.21).

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 $8.28 yesterday.

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