Piper Jaffray Maintains $10 PT, Neutral Rating On ISIS
By BenzingaStaffL
March 01, 2011 8:28 AM
March 01, 2011 8:28 AM
Piper Jaffray is maintaining its $10 PT and Neutral rating on shares of Isis Pharmaceuticals, Inc. (NASDAQ: ISIS).
“ISIS ended 2010 with $472 million in cash and guided to end 2011 with >$350 million,” Piper Jaffray writes. “We look for partner Genzyme (now Sanofi-Aventis) to file an MAA with the European Medicines Agency (EMEA) in both Homozygous Familial Hypercholesterolemia (HoFH) and the most severe high cholesterol patients in 1H:11.
“ISIS expects to file a BLA in HoFH in the U.S. in 2H:11. Despite a rich pipeline of 24 antisense drugs and a strong balance sheet, we remain Neutral on ISIS as investor focus remains on mipomersen.”
Isis Pharmaceuticals, Inc. closed Monday at $9.12.
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