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FDA gives Isis green light for cholesterol drug

The U.S. Food and Drug Administration has approved a new cholesterol treatment from Carlsbad’s Isis Pharmaceuticals (Nasdaq: ISIS) and its French partner Genzyme, clearing the path for Isis' first drug to reach market.

The drug, Kynamro, is an injectable drug designed to treat patients who are genetically predisposed to have high levels of LDL cholesterol, known as the "bad" cholesterol. The drug has been approved for use as an adjunct for other cholesterol-lowering medications.

Ironically, the approval came just two trading days after CNBC commentator Jim Cramer advised investors to sell the stock, which had a closing price of $13.46 on Friday.

"Let's stay away from Isis right now," Cramer said. "You can buy it cheaper later. There's going to be some disappointment."

The FDA announcement came after the end of the official trading day, but in after-hours trading, Isis share prices shot up $1.03, or 7.7 percent, to $14.41.

Isis will hold a conference call at 6:30 a.m. Pacific time on Wednesday -- half an hour before the market opens in New York -- to discuss the impact of the decision.

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Isis Pharmaceuticals Inc.

Company Website

1896 Rutherford Road
Carlsbad, CA 92008

Company Trade Data

Stock Symbol Close
Change
Chg %Chg
Volume
52-Week
High Low
ISIS
44.62
  0.68  
+ 1.55%
1,703,078,000
77.8
37.38

Insider Trade Data

Date Insider Shares Type Value
10/02/2015 Parshall, B Lynne 12,436 Sell $506,747
10/02/2015 Parshall, B Lynne 12,436 Exchange $151,720
10/02/2015 Parshall, B Lynne 12,436 Sell $506,747
10/02/2015 Parshall, B Lynne 12,436 Exchange $151,720
07/06/2015 Crooke, Stanley T 12,350 Sell $707,457

Isis Pharmaceuticals Inc. Executive(s):

Stanley Crooke

  • Chairman, Chief Executive Officer, Founder, President

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NAICS - 325414 - Biological Product (except Diagnostic) Manufacturing