Piper Jaffray Reiterates Neutral, $10 Target on ISIS Pharmaceuticals

Piper Jaffray maintains its Neutral rating and $10 target price on ISIS Pharmaceuticals, Inc. (NASDAQ: ISIS) as Kynamro remains the primary near-term driver for the company.

Piper Jaffray comments, “In July, partner Genzyme (now Sanofi Aventis) filed an MAA in Europe on 200mg weekly Kynamro for the treatment of homozygous (HoFH) and severe heterozygous familial hypercholesterolemia (HeFH). We expect an NDA filing in the U.S. for HoFH any day now. Sanofi intends to launch Kynamro in both the U.S. and Europe in 2012. Assuming premium pricing of $75,000-125,000, we estimate the U.S. market to be $200-300 million and the European market to exceed $1 billion.”

ISIS traded at $6.94 per share on Tuesday's close.