Feuerstein's Biotech-Stock Mailbag

Bob. Z. writes: "Adam, you should attend the Isis Pharmaceuticals analyst day in New York City on Tuesday. I would like to hear your take on the data update. I think you might change your mind."

Bob is referring to Isis' cholesterol-lowering antisense drug mipomersen, which I wrote about in a previous Biotech Mailbag. I'd say I was neutral on Isis. I did listen to portions of the Isis analyst day on Tuesday, and read the company's press release, which included some new clinical data, and looked over a lot of analyst reports.

After all that, I'm still neutral on Isis. Sorry, Bob.

I readily acknowledge that Isis has done well to rebound from years of past clinical failure, and that mipomersen is the most compelling antisense drug in development today. (There aren't any successful antisense drugs on the market yet, so that achievement is relative.)

Isis CEO Stanley Crooke has been very outspoken and aggressive about the company's plans to partner mipomersen. Most importantly to investors, he's telling anyone who will listen that potential Big Pharma partners are willing to pay up big-time to get access to the drug.

All this has helped Isis' stock price, up 45% this year, up 220% since the beginning of 2006. Congrats to Bob and everyone else who's owned the stock. You've done well.