UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Isis Pharmaceuticals Following Development Head Meeting

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In a report published Friday, BMO Capital Markets analyst Jim Birchenough reiterated an Outperform rating on Isis Pharmaceuticals
ISIS
, and raised the price target from $22.00 to $31.00. In the report, Birchenough noted, “The BMO Capital Markets US biotechnology team hosted a meeting this week with Isis Pharmaceuticals SVP of Clinical Development Dr. Richard Geary. Focus of the meeting was on a burgeoning pipeline of antisense oligonucleotide (ASO) therapeutics following recent approval of its first ASO therapeutic KYNAMRO. With 28 different ASO therapeutics in development, primary focus was on key late stage programs including wholly owned ISISApoC3-Rx for severe triglyceride elevation as well as partnered programs for ISIS-SMN-Rx for spinal muscular atrophy (SMA) and TTR associated familial amyloid polyneuropathy (FAP). Phase 2 data is expected for ISIS-ApoC3-Rx by mid-summer and follows a 50% lowering in normal volunteers, with 200,000 US patients >1000mg/dl. SMA opportunity for ISIS-SMN-Rx was described as 35,000 patients in US/EU/Japan and 4-7 point muscle function improvements in phase 1 were described as well beyond 0.5-1 point shifts seen typically. Pre-clinical data for ISIS-TTR-Rx supports clearance of peripheral nerve plaques in FAP and with 80% TTR reduction in phase 1, ISIS expects phase 3 to enroll quickly with 50,000 patients well identified globally.” Isis Pharmaceuticals closed on Thursday at $19.41.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsBMO Capital Markets
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