UPDATE: Piper Jaffray Upgrades ISIS Pharmaceuticals; Raises PT

According to a research report published this morning, Piper Jaffray has upgraded ISIS Pharmaceuticals

from Neutral to Overweight, and increased PT from $10 to $15. In the report, Piper Jaffray mentioned, "ISIS is the leading antisense company with a rich pipeline of drugs in development. Partner Genzyme recently filed an NDA for cholesterol-lowering drug KYANAMRO and we expect U.S. and European approval this year. We also look for clinical data and partnerships from ISIS' antisense pipeline to drive value over the next 12-24 months. ISIS holds an equity stake in the leading microRNA company Regulus and a strong balance sheet with cash of $344 million." ISIS Pharmaceuticals closed yesterday at $8.00.