Ironwood price target lowered to $14 from $23 at JMP Securities

JMP Securities analyst Jason Butler lowered the firm’s price target on Ironwood (IRWD) to $14 from $23 and keeps an Outperform rating on the shares. Ironwood’s corporate restructuring acknowledges continued headwinds for LINZESS but prioritizes apraglutide, which the firm continues to view as the long-term value driver, the analyst tells investors in a research note. The announcement that long-term extension data will now be included in the new drug application submission is a clear demonstration of management’s focus on maximizing the asset’s commercial potential, JMP says.