Canaccord Genuity Maintains a 'Hold' on ISIS Pharmaceuticals (ISIS); Adjusting Estimates After Top & Bottom Line Beat
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Price: $57.56 --0%
Rating Summary:
7 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
7 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Hold' on ISIS Pharmaceuticals (NASDAQ: ISIS) price target of $9.00.
Analyst, Salveen Richter, said, "ISIS reported a Q1 top- and bottom-line beat and provided a detailed update on the pipeline. The focus remains on Kynamro ahead of a CHMP opinion on E.U. approval (HoFH and severe HeFH) expected in mid-’12. In addition, given a 10-month standard review (Jan 29, 2013 PDUFA), we expect a likely FDA panel in late-Q3/early Q4 (shared with AEGR’s lomitapide). Management stated that a pre-approval inspection of the manufacturing facility for E.U. approval went well. We continue to be encouraged by ISIS' vast and diverse pipeline – APOCIII (high triglycerides) entered P2, TTR (TTR amyloidosis, partnered with GSK) is slated to enter a P2/3 in H2/12, FXI (clotting in total knee replacement) and SMN (spinal muscular atrophy, partnered with BIIB) are expected to advance into P2 studies in H2/12 and YE12, respectively – as well as by the company's ability to attract lucrative partnerships. However, we recognize that the pipeline is highly leveraged to the regulatory success of Kynamro."
"...we are lowering our FY12 GAAP EPS estimate to ($0.79) from ($0.69), but increasing our FY13+ estimates due to lower SG&A expense."
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 $8.32 yesterday.
Analyst, Salveen Richter, said, "ISIS reported a Q1 top- and bottom-line beat and provided a detailed update on the pipeline. The focus remains on Kynamro ahead of a CHMP opinion on E.U. approval (HoFH and severe HeFH) expected in mid-’12. In addition, given a 10-month standard review (Jan 29, 2013 PDUFA), we expect a likely FDA panel in late-Q3/early Q4 (shared with AEGR’s lomitapide). Management stated that a pre-approval inspection of the manufacturing facility for E.U. approval went well. We continue to be encouraged by ISIS' vast and diverse pipeline – APOCIII (high triglycerides) entered P2, TTR (TTR amyloidosis, partnered with GSK) is slated to enter a P2/3 in H2/12, FXI (clotting in total knee replacement) and SMN (spinal muscular atrophy, partnered with BIIB) are expected to advance into P2 studies in H2/12 and YE12, respectively – as well as by the company's ability to attract lucrative partnerships. However, we recognize that the pipeline is highly leveraged to the regulatory success of Kynamro."
"...we are lowering our FY12 GAAP EPS estimate to ($0.79) from ($0.69), but increasing our FY13+ estimates due to lower SG&A expense."
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 $8.32 yesterday.
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