Cantor Fitzgerald Downgrades Ironwood Pharmaceuticals (IRWD) to Sell; Recommend Taking Profits

Cantor Fitzgerald downgraded Ironwood Pharmaceuticals (NASDAQ: IRWD) to Sell with a new price target of $10.00.

Cantor analyst said,"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."

For an analyst ratings summary and ratings history on Ironwood Pharmaceuticals click here. For more ratings news on Ironwood Pharmaceuticals click here.

Shares of Ironwood Pharmaceuticals closed at $14.31 yesterday.

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