Wells Fargo downgraded Ironwood (IRWD) to Equal Weight from Overweight with a price target of $1, down from $7. The FDA’s request for a new trial delays a key near-term growth driver for the shares and puts additional financial pressure on the company, which already carries a high debt load, the analyst tells investors in a research note. Wells views the FDA’s request for a confirmatory trial of apraglutide in short bowel syndrome with intestinal failure as a “major setback” for apraglutide. Wells says Ironwood lacks additional growth drivers and faces a looking liquidity risk.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on IRWD:
- Ironwood price target lowered to $1 from $3 at Leerink
- Citizens JMP downgrades Ironwood on delayed apraglutide launch
- Ironwood downgraded to Market Perform from Outperform at Citizens JMP
- Morning Movers: Goldman Sachs gains following first quarter results
- Ironwood needs trial for apraglutide approval, initiates strategic review
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue