ISIS’ Mipomersen Continues To Be The Main Driver
Analysts at Piper Jaffray maintain their "overweight" rating on ISIS Pharmaceuticals (NASDAQ: ISIS). The target price for ISIS is set to $13.
Today, ISIS discussed its cardiovascular pipeline, except for the lead drug mipomersen. “We expect additional calls focused on neurodegenerative disease, inflammatory disease and cancer. ISIS' Most advanced products in (the) ISIS Pharmaceuticals’ CV pipeline, which includes BMS-PCSK9, ISIS-CRP, ISIS-APOC3, ISIS-FXI and ISIS-Lp, are PCSK9 for high cholesterol and CRP for inflammation with Phase I data this year. We look for the drugs to be safe, but due to their mechanisms have low expectations on efficacy in normal volunteers,” the analysts say.
“While we believe (today’s) call gave investors more clarity on ISIS' long term strategy in cardiovascular disease, all of the programs discussed are preclinical or in early stage development, so we have low expectations for near-term value creation. Lead drug mipomersen continues to be the main driver with severely high cholesterol and high-risk CVD pivotal data this summer,” Piper Jaffray adds.
