Seeking Alpha

Goldman starts Ironwood at Sell, sees Linzess consensus coming down

  • Goldman becomes the second firm in a week to suggest estimates for Ironwood's (IRWD -1.2%) Linzess may be too high. (see Mizuho slashes Linzess revenue target)
  • "Linzess has a very strong profile [but] based on a physician survey we believe consensus expectations are too aggressive and will likely have to come down over time," Goldman says, initiating IRWD at Sell.
  • The firm also says IRWD exhibits "high spending levels and significant cash burn [which could lead to] profitability getting pushed out and the possibility for additional financing required in 1-2 years."
  • Price target is $9.50.
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