Impel Pharmaceuticals rating cut by Wedbush

IPI Legacy Liquidation Co

15/11/2022 12:44

** Brokerage Wedbush Securities downgrades Impel
Pharmaceuticals Inc  IMPL.O  to "neutral" from "outperform",
cuts 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 force 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
    ** As of last close, stock down ~61% YTD
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com))