UPDATE: Cantor Fitzgerald Downgrades Ironwood Pharmaceuticals, Lowers PT

According to a research report published today, Cantor Fitzgerald has downgraded Ironwood Pharmaceuticals

from Hold to Sell, and lowered PT from $12 to $10. Cantor Fitzgerald commented in the report, “Valuation is the basis for our downgrade: Our model already includes a strong Linaclotide ramp trajectory (U.S. peak sales of $2.8 billion) and promotional spending that is on the lower end of ranges provided by management. We think that we model a "best case" scenario for the company with healthy revenues and relatively low spending. But even under this rosy view, we do not get to profitability until 2017, and we expect additional financing needs in 2013, which could be dilutive. We don't expect investors to wait it out and therefore recommend profit taking based on the recent run-up in the stock.” Ironwood Pharmaceuticals closed yesterday at $14.31.