Isis Pharmaceuticals, Inc. (NASDAQ: ISIS)
On Monday, Isis Pharmaceuticals, the leader in RNA-targeted drug discovery for patients with the highest unmet medical needs, reported better than expected financial results for the third quarter of 2015. The company also gave an update of its large and promising drug pipeline.
Earnings
Revenue for the three and nine months ended September 30, 2015 was $49.1 million and $232.1 million, respectively, compared to $44.1 million and $129.3 million for the same periods in 2014. Isis reported a net loss of $35.8 million and $16.8 million for the three and nine months ended September 30, 2015, respectively, compared to a net loss of $26.7 million and $70.0 million for the same periods in 2014. Basic and diluted net loss per share for the three and nine months ended September 30, 2015 was $0.30 and $0.14, respectively, compared to $0.23 and $0.60 for the same periods in 2014. Yahoo Finance
CEO Comments
During the conference call, Isis Chairman and CEO said,
“Our solid progress in all areas of our business is reflected in our strong financial results. In the first nine months of the year, we reported a proforma net profit of $25 million and we ended the quarter with more than $800 million in cash. These were both significant increases compared to last year. We have 38 drugs in development with the potential of the fundamentally changed the way a wide range of diseases are treated. We have a pipeline of first-in-class or best-in-class drugs on many of which we have reported positive clinical data already this year. We have potential near term commercial opportunities in our three drugs that are completing Phase 3 in a large pipeline of drugs in Phase 2. We expect complete enrolment in both the Phase 3 studies were conducted for ISIS-SMNRx in the next several months.” Seeking Alpha
ISIS Technical Analysis
Looking back overt the past year ISIS stock was relatively weak as compared to the biotech sector (IBB). ISIS was somewhat range bound from December 2014 through June 2015, while other IBB stocks saw huge gains. The stock found a couple of price congestion levels as noted on the chart, before finally breaking below the range in late June where it has continued to trade until finally breaking out on yesterday’s news. On Monday ISIS had a strong day, trading above VWAP and the 9 EMA all day long and closing the day up 12.4% at $62.77. The break through long-term resistance near $57.50 on steady volume while the market was selling off was bullish for ISIS. For a long, the stock must stay above $62.50ish. A break of Monday’s high of $63.48 has room to $65 and then $68, and on continued market and IBB strength, a possible drive towards all time highs. If the stock breaks below $62, it should see support near the whole dollars $61 and then $60. A weak market could bring ISIS back to the $57.50 area.
About Isis Pharmaceuticals, Inc.
Isis Pharmaceuticals, Inc. (Isis) is a Ribonucleic acid-targeted (RNA-targeted) drug discovery and development company. The Company is focused to discover and develop antisense drugs. The antisense drugs are used to treat a range of diseases, including cardiovascular, metabolic, severe and rare diseases, including neurological disorders and cancer. ISIS-APOCIII is a drug indicated to to treat patients with high triglyceride levels, including patients with a genetic condition called familial chylomicronemia syndrome (FCS) and patients with partial lipodystrophy. In addition to ISIS-APOCIII, it is also evaluating ISIS-TTR and ISIS-SMN in Phase III studies. Its lipid-lowering product, KYNAMRO (mipomersen sodium) injection, is on the market in the United States for patients with homozygous familial hypercholesterolemia (HoFH). Google Finance
