UPDATE: Piper Jaffray Downgrades ISIS Pharmaceuticals to Neutral on FDA Briefing

Piper Jaffray reduced its rating on ISIS Pharmaceuticals

from Overweight to Neutral and reduced its price target from $18 to $10. Piper Jaffray noted, "The FDA just released the briefing documents for KYNAMRO's Endocrinologic and Metabolic Drugs Advisory Committee meeting this Thursday, October 18th. The surprise in the docs has to do with questions #5 and #6 relating to "malignant fibrohistiocytic tumors" as well as "hemangiosarcomas" and "hepatocellular adenomas/ carcinomas" in mice "at clinically relevant exposures." … This represents a significant change in our view of KYNAMRO's safety profile going into the panel on Thursday and lowers the potential likelihood of a positive panel vote." ISIS Pharmaceuticals closed at $13.15 on Monday.