UPDATE: Piper Jaffray Raises PT to $11 on ISIS Pharmaceuticals on KYNAMRO Approval

Piper Jaffray maintained ISIS Pharmaceuticals, Inc.

with a Neutral rating and raised the price target from $9.00 to $11.00. Piper Jaffray said, "The FDA approved KYNAMRO for Homozygous Familial Hypercholesterolemia (HoFH). As expected, the approval comes with a Boxed Warning for liver toxicity and a REMS program. ISIS is required to conduct 4 post marketing studies. This approval comes in the wake of the recent negative CHMP opinion for KYNAMRO's marketing authorization application (MAA) and therefore serves as an important validation of ISIS's antisense technology. We maintain our Neutral rating and are increasing our price target to $11 from $9 due to a reduced discount rate following KYNAMRO approval." ISIS Pharmaceuticals closed at $13.38 on Tuesday.