Piper Jaffray Sees 25% Upside In ISIS Pharmaceuticals (ISIS)

Piper Jaffray is being cautious on ISIS Pharmaceuticals ISIS with a Neutral rating, despite seeing 25% upside in shares. It has a $10 price target. In a note to clients, Piper Jaffray writes, "ISIS and Genzyme reported full mipomersen Phase III data in heterozygous familial hypercholesterolemia (HeFH) patients at the European Society for Cardiology (ESC) meeting. The data highlight the efficacy of mipomersen and show a safety profile in-line with previous studies, particularly on liver toxicity. We remain confident in mipomersen approval in the severely high-cholesterol patients, however are concerned that high discontinuation rates are indicative of tolerability issues that may limit the drug's utilization." Shares of ISIS gained 19 cents yesterday, good for a gain of 2.4% to close at $8.00.