Piper Jaffray earlier downgraded Isis Pharmaceuticals, Inc. ISIS from Neutral to Underweight and raised the price target from $12.00 to $20.00.
The firm's Ted Tenthoff believes the company's current valuation cannot be justified given the limited ownership of a majority of the pipeline.
With shares of Isis Pharma down 4.5 percent to $29.54 at last check, Tenthoff's new price target implies potential downside of about 32 percent.
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