Piper Jaffray Downgrading Shares of ISIS Pharmaceuticals (ISIS)
Piper Jaffray is downgrading shares of ISIS Pharmaceuticals
(NASDAQ: ISIS) to Neutral and reducing its price target to $10 from $13 after the drug company reported data from the final two Phase III trials of the drug mipomersen.
In a note to clients Piper Jaffray expresses its concern by saying, "ISIS and Genzyme reported data from the final two Phase III trials of mipomersen in severe hypercholesterolemia and high CV risk patients. While mipomersen continues to show strong efficacy, we are concerned that high discontinuation rates are indicative of tolerability issues that may limit the drug's use outside of the most severely high LDL patients. We are downgrading ISIS to Neutral from Overweight and reducing our price target to $10 from $13."
Shares of ISIS Pharmaceuticals, Inc. are being hit hard this morning, down 3.82% or 36 cents to $9.07.
