Summer Street Still on Sidelines Following Isis Pharma's (ISIS) ISIS-FXIRx Update; Maintains at 'Neutral'

Summer Street keeps Isis Pharmaceuticals (Nasdaq: ISIS) at Neutral following the company's R&D event. Isis announced today positive top-line data from a Phase 2 comparator-controlled study evaluating the incidence of venous thrombolic events (VTE) in patients treated with ISIS-FXIRx undergoing total knee replacement surgery, or total knee arthroplasty (TKA).

Analyst Carol Werther noted, ISIS will have multiple additional phase II results this year, including ISIS-CRPRx in AP, ISIS-PTP1BRx in type 2 diabetes, OGX-427 in bladder cancer, ISIS-STAT3Rx for lymphoma and hepatocellular carcinoma, and iCo-007 for diabetic macular edema. By the end of 2014, at least three orphan disease programs will be in phase III development — ISIS-TTRx, ISIS-SMNRx, and ISIS-APOCIIIRx.

Bottom line: The company is able to continue the development of these agents with very low use of cash. ISIS has multiple products that may reach the market in 2018. We await more data before adding them to our model.

For an analyst ratings summary and ratings history on Isis Pharma click here. For more ratings news on Isis Pharma click here.

Isis Pharma closed at $24.95 yesterday.

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