Impel Pharmaceuticals falls after Wedbush downgrades, slashes PT

IPI Legacy Liquidation Co

15/11/2022 15:34

(Updates)
    ** Shares of Impel Pharmaceuticals Inc  IMPL.O  fall 6% to 
$3.16 
    ** Brokerage Wedbush Securities downgrades IMPL to "neutral"
from "outperform", slashes PT to $5 from $24
    ** Wedbush lowers revenue estimates for company's migraine
drug, Trudhesa, citing "pricing improvements taking longer to
materialize" and lower-than-expected demand for the drug
    ** Commercial traction "remains elusive" for the drug in
migraine space - brokerage
    ** Expansion of sales team may increase drug's uptake,
however, this will increase pressure on company's cash runway -
Wedbush
    ** Cowen and Co also trims PT on IMPL to $40 from $55
    ** Including session losses, stock down ~63% YTD
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com))