ISIS Pharmaceuticals (ISIS) Bullish Stance Reiterated at BMO Capital Post Q1

BMO Capital analyst Jim Birchenough, M.D. reiterated an Outperform rating and $70 price target on ISIS Pharmaceuticals (NASDAQ: ISIS) following Q1 results and an update on key initiative. Net loss per share of ($0.27) was slightly wider than the consensus estimate of a loss of ($0.23), and ISIS ended the quarter with $631 million in cash.

Birchenough commented, "While the shares have come under pressure, we expect positive top-line data from either of the two 2Q14 readouts, diabetes drug ISIS-GCGR-Rx or novel anticoagulant ISIS-FIX-Rx, should help investors' focus shift to valuing the pipeline. Along with several phase 2 and phase 3 initiations in 2H14, ISIS will file INDs for a mix of partnered programs, such as ISIS-DMPK-Rx for myotonic dystrophy with BIIB, and wholly owned programs such as ISIS-PKK-Rx for hereditary angioedema, which should drive additional value."

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 $23.93 yesterday.

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