Needham Says Buy the Dip in Isis Pharma, Didn't See Favorable Chance CRP Would Be Indicated for RA
Shares of Isis Pharma (NASDAQ: 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.
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