UPDATE: Cantor Fitzgerald Raises PT to $8 on Ironwood Pharmaceuticals, Maintains Sell

Cantor Fitzgerald reiterated its Sell rating on Ironwood Pharmaceuticals

but raised its price target from $7 to $8 ahead of the Linaclotide PDUFA. Cantor Fitzgerald said, "We reiterate our SELL rating going into the Linaclotide PDUFA: We remain cautiously optimistic about a first pass approval (we estimate 70% probability) but maintain that the stock is overvalued and could sell off even under a best- case scenario (since investors may play the event and then exit the stock post- approval due to lack of pending positive catalysts)." Ironwood Pharmaceuticals closed at $12.29 on Friday.