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Wedbush upgraded Ironwood Pharmaceuticals
IRWD from Underperform to Neutral and raised the price target from $11.00 to $13.00.
Wedbush said, "Early script data for Q1:13 (5 weeks) suggests strong week-over-week LINZESS performance (20,000+ pills per week growth), which, if sustained, would see Q1 and FY:13 end-user demand well ahead of our initial conservative estimates. We are adjusting sales and expense numbers and, as a consequence of our revised outlook, are removing our expectation that IRWD will require an additional $100M equity financing (although additional cash to bolster the balance sheet continues to be in our expectations)."
Ironwood Pharmaceuticals closed at $13.58 on Tuesday.
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