ISIS Pharmaceuticals, Inc.(ISIS) gapped open higher Monday morning and continued to gain ground in midday trading after the drugmaker said its experimental drug reduced triglycerides, a type of fat, in blood and increased the level of “good” cholesterol. BMO Capital Markets analyst Jim Birchenough called ISIS recent Phase 2 data on APOCIII in Type 2 diabetes “stunning.”
The results were “well beyond expectations and suggest an unprecedented treatment benefit in type 2 diabetics with [high cholesterol levels],” Birchenough said.
ISIS stock reacted positively to the news, spiking $3 and touching a 13-year-high of $27.34 just after the opening bell. The ticker added to those early gains during Monday’s session and as of 1:00pm PT was up $6.43, or 29.24%.
Right now it’s hard to chase, but if the stock holds above this gap — keep in mind, ISIS has risen above a 2-week range, and set a new 13-year-high of $28.42 — we could see upside follow-through above Monday’s high.
ISIS has room for another leg higher to $29.50, which is our short-term target to the upside.
Disclosure: No Position