Morgan Stanley set a $11.00 price target on Ironwood Pharmaceuticals (NASDAQ:IRWD) in a report published on Wednesday morning. The brokerage currently has a sell rating on the biotechnology company’s stock.
IRWD has been the topic of several other research reports. Wells Fargo & Co set a $19.00 price target on shares of Ironwood Pharmaceuticals and gave the company a buy rating in a research report on Wednesday, October 31st. ValuEngine lowered shares of Ironwood Pharmaceuticals from a buy rating to a hold rating in a research report on Wednesday, October 31st. HC Wainwright set a $13.00 target price on shares of Ironwood Pharmaceuticals and gave the stock a sell rating in a report on Tuesday, August 7th. BTIG Research set a $17.00 target price on shares of Ironwood Pharmaceuticals and gave the stock a buy rating in a report on Wednesday. Finally, Cowen reaffirmed a market perform rating on shares of Ironwood Pharmaceuticals in a report on Wednesday, July 18th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have issued a buy rating to the stock. The stock has an average rating of Hold and an average price target of $17.35.
Shares of NASDAQ IRWD traded down $0.20 during midday trading on Wednesday, hitting $11.88. The company’s stock had a trading volume of 1,677,504 shares, compared to its average volume of 1,784,796. Ironwood Pharmaceuticals has a one year low of $11.62 and a one year high of $21.20. The firm has a market cap of $1.83 billion, a P/E ratio of -12.77 and a beta of 1.33.
Ironwood Pharmaceuticals (NASDAQ:IRWD) last posted its quarterly earnings results on Tuesday, November 6th. The biotechnology company reported ($0.38) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.24). The firm had revenue of $68.69 million for the quarter, compared to the consensus estimate of $93.48 million. During the same quarter in the prior year, the business posted ($0.18) earnings per share. The firm’s revenue for the quarter was down 20.9% on a year-over-year basis. As a group, equities research analysts expect that Ironwood Pharmaceuticals will post -0.75 earnings per share for the current fiscal year.
In related news, insider Mark G. Currie sold 116,651 shares of the company’s stock in a transaction that occurred on Friday, October 5th. The shares were sold at an average price of $17.53, for a total transaction of $2,044,892.03. Following the sale, the insider now owns 70,680 shares of the company’s stock, valued at approximately $1,239,020.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Mark G. Currie sold 130,000 shares of the company’s stock in a transaction that occurred on Thursday, August 23rd. The stock was sold at an average price of $18.45, for a total transaction of $2,398,500.00. Following the sale, the insider now directly owns 791,666 shares in the company, valued at approximately $14,606,237.70. The disclosure for this sale can be found here. Insiders have sold a total of 248,339 shares of company stock worth $4,475,466 in the last ninety days. 7.63% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the business. Meeder Asset Management Inc. purchased a new position in Ironwood Pharmaceuticals in the 2nd quarter worth approximately $186,000. V Wealth Management LLC purchased a new position in Ironwood Pharmaceuticals in the 2nd quarter worth approximately $258,000. Campbell & CO Investment Adviser LLC purchased a new position in Ironwood Pharmaceuticals in the 3rd quarter worth approximately $249,000. PNC Financial Services Group Inc. grew its stake in Ironwood Pharmaceuticals by 17,621.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 17,013 shares of the biotechnology company’s stock worth $325,000 after buying an additional 16,917 shares in the last quarter. Finally, Amalgamated Bank grew its stake in Ironwood Pharmaceuticals by 17.4% in the 2nd quarter. Amalgamated Bank now owns 21,156 shares of the biotechnology company’s stock worth $405,000 after buying an additional 3,142 shares in the last quarter. 97.29% of the stock is owned by institutional investors and hedge funds.
About Ironwood Pharmaceuticals
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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