Piper Jaffray Updates On ISIS Following Shareholders Meeting

Piper Jaffray is maintaining its Neutral rating and its $10 price target on Isis Pharmaceuticals ISIS following the company's annual meeting with shareholders. In the report, Piper Jaffray states, “ISIS hosted a webcast presentation of its annual Shareholders Meeting highlighting the commercial opportunity for mipomersen, its advancing pipeline, and progress with new generation 2.5 antisense chemistry. We look for partner Genzyme/Sanofi-Aventis to file an MAA with the European Medicines Agency (EMEA) in both Homozygous Familial Hypercholesterolemia (HoFH) and the most severe high cholesterol patients in July. ISIS expects to file a BLA in HoFH in the U.S. in 2H:11. Beyond Mipo ISIS has a deep pipeline of 24 partnered or wholly owned antisense drugs in clinical development for a variety of disease areas. We see unrecognized value in this pipeline and believe mipomersen is approvable despite liver safety concerns.” ISIS closed yesterday at $8.86.