UPDATE: Cantor Fitzgerald Raises PT to $8 on Ironwood Pharmaceuticals; Maintains Sell
Cantor Fitzgerald reiterated its Sell rating on Ironwood Pharmaceuticals, (NASDAQ: IRWD) 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.
Latest Ratings for IRWD
|Nov 2014||Cantor Fitzgerald||Downgrades||Hold||Sell|
|Sep 2014||Cowen & Company||Downgrades||Outperform||Market Perform|
|Aug 2014||Leerink Swann||Maintains||Market Perform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.