In a report published Monday, BMO Capital Markets reiterated its Outperform rating on Isis Pharmaceuticals (NASDAQ: ISIS) and raised its price target from $12.00 to $17.00. BMO Capital Markets noted, “We are reiterating our Outperform rating on shares of ISIS and increasing our price target to $17 following our meeting with management. With the near-term focus on the KYNAMRO PDUFA, we are increasingly confident in approval and believe that upside potential extends beyond the initial commercial opportunity and to validation of an emerging late-stage pipeline. Relative to the value of KYNAMRO in HoFH, estimated at an NPV of $3/share, we believe that pipeline value is considerably greater, with an estimated NPV of $14/share, primarily driven by only 1 of 25 programs in the ASO for ApoCIII for triglycerides.” Isis Pharmaceuticals closed on Friday at $13.28.
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Tags: BMO Capital Markets
Posted in: Analyst Color, Price Target, Analyst Ratings