NEW YORK (TheStreet) -- Shares of ISIS Pharmaceuticals (ISIS) are climbing today by 2.58% to $68.24 after the company reported encouraging results from its Phase 2 study of treatment ISIS-SMN Rx in infants with spinal muscular atrophy.
After giving doses to 20 infants, results showed that most lived longer without permanent ventilation and the treatment increased their ability to use their muscles, according to the company.
Specifically, the median age without permanent ventilation or death increased to 19.9 months from 16.3 months for four infants on one level of dosage, and to 16.7 months from 11.6 months on a higher dosage.
The drug is currently being developed with Biogen (BIIB) and could target a $1 billion market, said RBC Capital Markets analyst Michael Yee, according to Bloomberg.
Generally, babies with spinal muscular atrophy die within the first two years of life, but mechanical respiration can prolong their lifespan, according to the National Institute of Health.
Separately, TheStreet Ratings team rates ISIS PHARMACEUTICALS INC as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate ISIS PHARMACEUTICALS INC (ISIS) a HOLD. The primary factors that have impacted our rating are mixed, some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, solid stock price performance and impressive record of earnings per share growth. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow and generally higher debt management risk."