ISIS Pharmaceuticals Upgraded to Overweight at Piper Jaffray (ISIS)
ISIS Pharmaceuticals (NASDAQ:ISIS) was upgraded by investment analysts at Piper Jaffray from a “neutral” rating to an “overweight” rating in a note issued to investors on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $42.00 price target on the stock, down from their previous price target of $61.00. Piper Jaffray’s price target suggests a potential upside of 70.34% from the company’s current price.
The analysts wrote, “ISIS reported 1Q results this morning, and with today’s weakness, shares are now down >60% since their highs earlier this year. We believe the current valuation now reflects the opportunity for ISIS-APO-CIII, our favorite wholly owned program entering P3. With this perspective, we can consider the rest of the pipeline including ISIS-SMNrx for SMA, ISIS-TTRrx for TTR amyloidosis and a myriad of partnered and wholly owned P2 and earlier stage pipeline as not being adequately reflected in shares. Our new PT is actually lower than before ($42 vs $61) as we adjust assumptions described in this note, but given recent share weakness this still leaves nearly 65% potential upside.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks reiterated a “neutral” rating on shares of ISIS Pharmaceuticals in a research note on Tuesday, April 15th. They now have a $35.00 price target on the stock. Separately, analysts at BMO Capital Markets reiterated a “positive” rating on shares of ISIS Pharmaceuticals in a research note on Monday, March 10th. Finally, analysts at Leerink Swann raised their price target on shares of ISIS Pharmaceuticals from $33.00 to $55.00 in a research note on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus target price of $41.60.
Shares of ISIS Pharmaceuticals (NASDAQ:ISIS) traded down 2.54% on Tuesday, hitting $24.03. 225,670 shares of the company’s stock traded hands. ISIS Pharmaceuticals has a 52-week low of $18.27 and a 52-week high of $62.66. The stock has a 50-day moving average of $36.76 and a 200-day moving average of $41.22. The company’s market cap is $2.818 billion.
ISIS Pharmaceuticals (NASDAQ:ISIS) last announced its earnings results on Tuesday, May 6th. The company reported ($0.27) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($0.23) by $0.04. The company had revenue of $28.20 million for the quarter, compared to the consensus estimate of $35.12 million. During the same quarter in the prior year, the company posted ($0.02) earnings per share. The company’s quarterly revenue was down 35.0% on a year-over-year basis. On average, analysts predict that ISIS Pharmaceuticals will post $-0.71 earnings per share for the current fiscal year.
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