Ironwood Pharmaceuticals Inc. (IRWD) Upgraded by Zacks Investment Research to “Hold”
Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors 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.”
Other research analysts have also recently issued research reports about the stock. BTIG Research restated a “buy” rating and issued a $18.00 target price (up previously from $15.00) on shares of Ironwood Pharmaceuticals in a report on Friday, September 23rd. Mizuho cut their target price on shares of Ironwood Pharmaceuticals from $24.00 to $19.00 and set a “buy” rating on the stock in a report on Monday, October 10th. Barclays PLC raised their target price on shares of Ironwood Pharmaceuticals from $11.00 to $12.00 and gave the stock an “equal weight” rating in a report on Friday, August 5th. WallachBeth Capital raised their price target on Ironwood Pharmaceuticals from $15.00 to $17.00 and gave the stock a “hold” rating in a research note on Tuesday, September 27th. Finally, Leerink Swann reaffirmed a “market perform” rating and issued a $14.00 price target (up previously from $10.00) on shares of Ironwood Pharmaceuticals in a research note on Monday, August 8th. Seven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $15.18.
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Ironwood Pharmaceuticals (NASDAQ:IRWD) traded down 0.2164% on Wednesday, hitting $13.8799. 691,835 shares of the company were exchanged. The stock has a 50 day moving average of $14.78 and a 200 day moving average of $13.01. Ironwood Pharmaceuticals has a 52 week low of $7.35 and a 52 week high of $16.17. The company’s market capitalization is $2.02 billion.
Ironwood Pharmaceuticals (NASDAQ:IRWD) last issued its earnings results on Thursday, August 4th. The company reported ($0.16) earnings per share (EPS) 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 earned $54.40 million during the quarter, compared to the consensus estimate of $54.49 million. During the same quarter in the prior year, the business posted ($0.34) EPS. The firm’s revenue for the quarter was up 96.4% on a year-over-year basis. Analysts predict that Ironwood Pharmaceuticals will post ($0.75) EPS for the current fiscal year.
In other news, Director Lawrence S. Olanoff sold 3,200 shares of the firm’s stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $13.72, for a total transaction of $43,904.00. Following the completion of the transaction, 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 through this hyperlink. Insiders own 7.17% of the company’s stock.
Institutional investors have recently modified their holdings of the stock. Fisher Asset Management LLC increased its position in shares of Ironwood Pharmaceuticals by 2.9% in the second quarter. Fisher Asset Management LLC now owns 242,450 shares of the company’s stock valued at $3,205,000 after buying an additional 6,775 shares during the last quarter. Sector Gamma AS increased its position in shares of Ironwood Pharmaceuticals by 25.9% in the first quarter. Sector Gamma AS now owns 2,486,757 shares of the company’s stock valued at $27,205,000 after buying an additional 512,336 shares during the last quarter. Bridger Management LLC bought a new position in shares of Ironwood Pharmaceuticals during the first quarter valued at $56,654,000. A.R.T. Advisors LLC increased its position in shares of Ironwood Pharmaceuticals by 139.8% in the first quarter. A.R.T. Advisors LLC now owns 198,615 shares of the company’s stock valued at $2,172,000 after buying an additional 115,800 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of Ironwood Pharmaceuticals during the first quarter valued at $9,846,000. Hedge funds and other institutional investors own 93.96% of the company’s stock.
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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