Company Update (NASDAQ:ISIS): ISIS Pharmaceuticals, Inc.’s Collaboration with AstraZeneca Receives HSR Clearance
ISIS Pharmaceuticals, Inc. (NASDAQ:ISIS) announced that its collaboration with AstraZeneca to discover and develop antisense drugs for cardiovascular, metabolic and renal diseases has received clearance under the Hart-Scott-Rodino Antitrust Improvements Act. AstraZeneca will pay Isis a $65 million up-front payment. Isis is eligible to receive development and regulatory milestones for each program that AstraZeneca advances to clinical development. Isis Pharmaceuticals is also eligible to earn tiered double-digit royalties on annual net sales for each program. (Original Source)
Shares of ISIS Pharmaceuticals closed yesterday at $53.01. ISIS has a 1-year high of $77.80 and a 1-year low of $35.26. The stock’s 50-day moving average is $51.42 and its 200-day moving average is $60.65.
On the ratings front, ISIS has been the subject of a number of recent research reports. In a report issued on June 23, Needham analyst Chad Messer reiterated a Buy rating on ISIS, with a price target of $91, which implies an upside of 71.7% from current levels. Separately, on June 22, Piper Jaffray’s Joshua Schimmer reiterated a Hold rating on the stock and has a price target of $68.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Chad Messer and Joshua Schimmer have a total average return of 4.0% and 4.3% respectively. Messer has a success rate of 35.7% and is ranked #1203 out of 3754 analysts, while Schimmer has a success rate of 46.2% and is ranked #848.
Isis Pharmaceuticals Inc is engaged in antisense drug discovery and development, exploiting a novel drug discovery platform it created to generate a broad pipeline of first-in-class drugs.