UPDATE: Laidlow & Co. Initiates Coverage on Isis Pharmaceuticals, Inc. at Buy, Announces $52.00 PT

In a report published Tuesday morning, Laidlaw and Company Senior Biotechnology Analyst Yale Jen initiated coverage on

, assigning a Buy rating and a $52 price target. The analyst cited the company's dominant position in the antisense technologies market and other drivers. Positive drivers for the stock include the company's large development pipeline (relative to other mid-cap biotech companies), which has 34 programs at various clinical stages, potentially distributing risks in the share value. Also, the value could significantly benefit from launches planned for 2016 in drug development programs that are well under way. Furthermore, the stock is expected to be present in many healthcare investment portfolios, due to its risk tolerances at this valuation. The report also notes that “ISIS is the pioneer and leader in developing antisense technology and owns comprehensive intellectual property estates in the space. In addition, the company continues to improve the technology as the latest generation 2.5 antisense products possess substantially improved potency and enhanced therapeutic index”.