Piper Jaffray Reiterates Neutral Rating, $10 PT on ISIS Pharmaceuticals

In a report published Monday, Piper Jaffray & Co. reiterated its Neutral rating and $10.00 price target on ISIS Pharmaceuticals ISIS. Piper Jaffray noted, “This morning, ISIS signed a new antisense collaboration with Biogen Idec (BIIB) for 3 undisclosed neurological and neuromuscular targets. Although the deal brings in $30 million in cash and expands the company's antisense pipeline, we believe ISIS's partnering strategy is giving away too much of the downstream economics. KYNAMRO remains the primary driver for ISIS with European approval anticipated this year and a January 29th PDUFA date. ISIS has multiple upcoming data read-outs, however we maintain our Neutral rating and $10 price target.” ISIS Pharmaceuticals closed on Friday at $8.99.