Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday.
According to Zacks, “Ironwood is focused on the development and commercialization of treatments primarily addressing gastrointestinal diseases. It is working on driving Linzess’ sales. We are also encouraged by Ironwood's partnership deals for the development and commercialization of Linzess in different territories. The company is also working on expanding the drug’s label, which would expand the market potential significantly. Estimates have been stable lately ahead of the company’s Q3 earnings release. The company has a mixed record of earnings surprises in recent quarters. However, any Linzess-related pipeline/regulatory setbacks would weigh heavily on the stock, given that the rest of its pipeline is mostly mid-stage in nature.”
IRWD has been the topic of several other reports. Mizuho lowered their price objective on shares of Ironwood Pharmaceuticals from $24.00 to $19.00 and set a “buy” rating on the stock in a research report on Monday, October 10th. WallachBeth Capital lifted their price objective on shares of Ironwood Pharmaceuticals from $15.00 to $17.00 and gave the stock a “hold” rating in a research report on Tuesday, September 27th. BTIG Research reiterated a “buy” rating and set a $18.00 price objective (up from $15.00) on shares of Ironwood Pharmaceuticals in a research report on Friday, September 23rd. Wedbush reiterated a “neutral” rating and set a $10.00 price objective on shares of Ironwood Pharmaceuticals in a research report on Thursday, July 21st. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Ironwood Pharmaceuticals from $15.00 to $16.00 and gave the stock an “overweight” rating in a research report on Friday, August 5th. Seven investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $15.18.
Shares of Ironwood Pharmaceuticals (NASDAQ:IRWD) traded up 0.22% during trading on Wednesday, reaching $13.94. The company had a trading volume of 610,666 shares. Ironwood Pharmaceuticals has a 12 month low of $7.35 and a 12 month high of $16.17. The firm’s 50 day moving average price is $14.78 and its 200 day moving average price is $13.01. The firm’s market capitalization is $2.03 billion.
Ironwood Pharmaceuticals (NASDAQ:IRWD) last posted its quarterly earnings data on Thursday, August 4th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.15) by $0.01. Ironwood Pharmaceuticals had a negative return on equity of 94.75% and a negative net margin of 45.21%. The firm had revenue of $54.40 million for the quarter, compared to analysts’ expectations of $54.49 million. During the same quarter in the previous year, the firm posted ($0.34) earnings per share. The company’s revenue for the quarter was up 96.4% on a year-over-year basis. Equities analysts predict that Ironwood Pharmaceuticals will post ($0.75) EPS for the current year.
In related news, Director Lawrence S. Olanoff sold 3,200 shares of the company’s stock in a transaction on Tuesday, September 6th. The shares were sold at an average price of $13.72, for a total value of $43,904.00. Following the completion of the sale, the director now directly owns 29,305 shares in the company, valued at $402,064.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 7.17% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bridger Management LLC purchased a new position in Ironwood Pharmaceuticals during the first quarter worth $56,654,000. Consonance Capital Management LP purchased a new position in Ironwood Pharmaceuticals during the first quarter worth $54,089,000. Carlson Capital L P purchased a new position in Ironwood Pharmaceuticals during the second quarter worth $14,382,000. Adage Capital Partners GP L.L.C. raised its position in Ironwood Pharmaceuticals by 111.1% in the second quarter. Adage Capital Partners GP L.L.C. now owns 1,900,000 shares of the company’s stock worth $24,843,000 after buying an additional 1,000,000 shares in the last quarter. Finally, Blue Jay Capital Management LLC purchased a new position in Ironwood Pharmaceuticals during the second quarter worth $10,735,000. 93.96% of the stock is owned by hedge funds and other institutional investors.
About Ironwood Pharmaceuticals
Ironwood Pharmaceuticals, Inc is a biotechnology company. The Company’s products Linaclotide provides patients and healthcare practitioners with a treatment option for adults in the United States and certain other countries with irritable bowel syndrome with constipation (IBS-C), chronic idiopathic constipation (CIC) and gastrointestinal (GI) disorders.
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