UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Isis Pharmaceuticals

In a report published Wednesday, Piper Jaffray & Co. reiterated its Overweight rating on Isis Pharmaceuticals ISIS, and raised its price target from $15.00 to $18.00. Piper Jaffray noted, “ISIS is the leading antisense company with a rich pipeline of drugs in development. The primary driver for ISIS shares remains KYNAMRO with European approval this year and a January 29, 2013 PDUFA date. While ISIS shares have risen considerably since May 1st, we look for continued upside driven by KYNAMRO approval, clinical data read-outs and new partnerships. ISIS remains a Top Pick for 2H:12.” Isis Pharmaceuticals closed Tuesday at $13.74.