UPDATE: J.P. Morgan Initiates Coverage on Isis Pharmaceuticals, Awaiting Better Entry Point

In a report published Friday, J.P. Morgan analyst Cory Kasimov initiated coverage on Isis Pharmaceuticals ISIS with a Neutral rating and $37.00 price target. In the report, J.P. Morgan noted, “We are initiating coverage of Isis Pharmaceuticals with a Neutral rating. The company is well positioned, in our view, with a validated technology platform and attractive blend of proprietary and partnered products. Three pipeline programs in particular – ISIS-APOCIIIRx, ISIS-SMNRx, and ISIS-TTRRx – have generated exciting early data and possess multi-billion-dollar revenue potential. However, we would look for a better entry point, as we believe much of the pipeline's impressive recent progress is reflected in the current valuation (shares up +243% YTD vs. S&P +18%).” Isis Pharmaceuticals closed on Thursday at $35.83.