UPDATE: Jefferies & Company Reiterates Underperform Rating, Lowers PT on ISIS Pharmaceuticals

In a report published Wednesday, Jefferies & Company reiterated its Underperform rating on ISIS Pharmaceuticals

, but slightly lowered its price target from $8.00 to $7.00. Jefferies noted, “Wider 3Q12 net loss of $38M (vs. ours of $30M); net cash at end-3Q12 of ~$201M sufficient into 2015 by our estimates. Given the positive FDA panel votes (9:6), we expect approval likely for HoFH (PDUFA date, 1/29/13); contrary to its previous expectation, ISIS now expects EU label likely to be limited to HoFH (vs. HoFH/severe HeFH), if approved. We continue to view Kynamro commercial potential as low.” ISIS Pharmaceuticals closed on Tuesday at $8.72.