Zacks Investment Research upgraded shares of Isis Pharmaceuticals, Inc. (ISIS) from NEUTRAL to OUTPERFORM on October 30, 2012, with a target price of $11.00.
Isis Pharma received a major boost in October 2012 when the Food and Drug Administration's (FDA) Endocrinologic and Metabolic Drugs Advisory Committee voted (9 – 6) in favor of approving the company's lead pipeline candidate, Kynamro (mipomersen). Meanwhile, Kynamro could be approved and launched in the EU by year end. We believe that antisense technology (the main area of focus at Isis) represents an exciting and potentially revolutionary platform for developing therapeutic candidates to treat a wide margin of diseases. We are also positive on Isis' agreements with Glaxo and Biogen, which not only validate its antisense technology but also provide Isis with funds in the form of upfront, milestone and other payments. With the favorable FDA panel vote, we are upgrading Isis to Outperform. A final response from the FDA should be out in January 2013.
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