Needham Says Buy the Dip in Isis Pharma, Didn't See Favorable Chance CRP Would Be Indicated for RA

Shares of Isis Pharma ISIS have fallen nearly 3 percent Monday as the company announced it has halted development of its rheumatoid arthritis product as the latest study failed to demonstrate a benefit. Needham analyst Chad Messer issued a research note earlier suggesting investors should use the dip in price to load up on shares. Messer pointed out he didn't consider the RA drug as a "serious consideration" for the company's ISIS-CRP. He believes the next catalyst for APOCIII monotherapy trial is later in August. Needham maintains a Buy rating and $36 price target on shares of Isis Pharma.