ISIS Pharmaceuticals (ISIS) Bullish Stance Reiterated at BMO Capital Amid FCS Phase 3 Initiation

BMO Capital analyst Jim Birchenough reiterated an Outperform rating and $70 price target on ISIS Pharmaceuticals (NASDAQ: ISIS) after the company announced the initiation of a phase 3 study evaluating ISIS-APOCIII-Rx in patients with familial chylomicronemia syndrome (FCS).

"High unmet need, unprecedented efficacy, and absence of competition provide a clear path to potential revenues of $600mm to $1B, with full rights retained by ISIS. Following approval on KYNAMRO and broad development of antisense therapeutics across 30+ indications, we believe that antisense therapeutics have been substantially validated with significant clinical and regulatory de-risking not reflected in current discounted valuation," the analyst said.

The firm remains buyer of the stock saying only partial value is being attributed to 3 of 30+ programs and where upside potential from programs like FCS, SMA, TTR, FXI, high-risk diabetes and other orphan, neuromuscular and, metabolic programs is being ignored.

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 $39.58 yesterday.

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