UPDATE: Jefferies Reiterates Underperform Rating, Raises PT on ISIS Pharmaceuticals

In a report published Wednesday, Jefferies reiterated its Underperform rating on ISIS Pharmaceuticals

, and slightly raised its price target from $6.50 to $7.00. Jefferies noted, “Kynamro (mipomersen) approval for HoFH validates ISIS' antisense technology platform from a regulatory standpoint - positive. However, we continue to view Kynamro's commercial potential as low. Given the numerous side-effects of Kynamro Tx in clinical/preclinical testing, we view the long-term safety of antisense oligo products given systemically as yet-to-be determined (as reflected in FDA required postmarketing studies).” ISIS Pharmaceuticals closed on Tuesday at $13.38.