Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) was the target of a large decrease in short interest in November. As of November 15th, there was short interest totalling 12,334,900 shares, a decrease of 19.6% from the October 31st total of 15,340,547 shares. Currently, 9.0% of the shares of the stock are short sold. Based on an average daily volume of 1,983,105 shares, the short-interest ratio is presently 6.2 days.
Several equities research analysts have recently weighed in on IRWD shares. BidaskClub cut Ironwood Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Thursday, August 2nd. HC Wainwright set a $13.00 price target on Ironwood Pharmaceuticals and gave the company a “sell” rating in a research note on Tuesday, August 7th. Wells Fargo & Co set a $23.00 price target on Ironwood Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, August 8th. ValuEngine cut Ironwood Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Wednesday, October 31st. Finally, BTIG Research set a $17.00 price target on Ironwood Pharmaceuticals and gave the company a “buy” rating in a research note on Wednesday, November 7th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. Ironwood Pharmaceuticals currently has a consensus rating of “Hold” and a consensus price target of $16.45.
In other Ironwood Pharmaceuticals news, insider Mark G. Currie sold 116,651 shares of the company’s stock in a transaction dated Friday, October 5th. The stock was sold at an average price of $17.53, for a total value of $2,044,892.03. Following the completion of the transaction, the insider now owns 70,680 shares of the company’s stock, valued at approximately $1,239,020.40. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Julie Mchugh sold 1,500 shares of the company’s stock in a transaction dated Wednesday, September 5th. The stock was sold at an average price of $19.10, for a total value of $28,650.00. Following the completion of the transaction, the director now directly owns 91,131 shares of the company’s stock, valued at approximately $1,740,602.10. The disclosure for this sale can be found here. In the last ninety days, insiders sold 119,509 shares of company stock valued at $2,089,580. Insiders own 7.63% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Ironwood Pharmaceuticals by 3.2% during the third quarter. Vanguard Group Inc. now owns 12,324,954 shares of the biotechnology company’s stock worth $227,518,000 after purchasing an additional 377,177 shares during the period. Teachers Advisors LLC grew its stake in Ironwood Pharmaceuticals by 2.9% during the third quarter. Teachers Advisors LLC now owns 262,571 shares of the biotechnology company’s stock worth $4,847,000 after purchasing an additional 7,380 shares during the period. MetLife Investment Advisors LLC grew its stake in Ironwood Pharmaceuticals by 54.0% during the third quarter. MetLife Investment Advisors LLC now owns 98,054 shares of the biotechnology company’s stock worth $1,810,000 after purchasing an additional 34,372 shares during the period. Man Group plc acquired a new stake in Ironwood Pharmaceuticals during the third quarter worth approximately $2,354,000. Finally, Pacer Advisors Inc. acquired a new stake in Ironwood Pharmaceuticals during the third quarter worth approximately $177,000. 95.84% of the stock is owned by institutional investors and hedge funds.
Shares of IRWD stock opened at $13.62 on Friday. The stock has a market capitalization of $2.01 billion, a PE ratio of -14.65 and a beta of 1.33. Ironwood Pharmaceuticals has a 1-year low of $11.02 and a 1-year high of $21.20.
Ironwood Pharmaceuticals (NASDAQ:IRWD) last released its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.38) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.24). The company had revenue of $68.69 million during the quarter, compared to analyst estimates of $93.48 million. During the same period in the prior year, the company earned ($0.18) earnings per share. Ironwood Pharmaceuticals’s revenue for the quarter was down 20.9% compared to the same quarter last year. Sell-side analysts expect that Ironwood Pharmaceuticals will post -0.91 EPS for the current year.
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Ironwood Pharmaceuticals Company Profile
Ironwood Pharmaceuticals, Inc, a commercial biotechnology company, engages in the research, development, and commercialization of human therapeutic products. The company markets linaclotide, a guanylate cyclase type-C agonist for the treatment of adults suffering from irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC) under the LINZESS name in the United States and CONSTELLA name in the European Union; and lesinurad for the treatment of hyperuricemia associated with uncontrolled gout in adults under the ZURAMPIC and DUZALLO names.
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