Ironwood Pharmaceuticals Inc. (IRWD) Sets New 1-Year High After Analyst Upgrade
Shares of Ironwood Pharmaceuticals Inc. (NASDAQ:IRWD) hit a new 52-week high during mid-day trading on Wednesday after WallachBeth Capital raised their price target on the stock from $15.00 to $17.00. WallachBeth Capital currently has a hold rating on the stock. Ironwood Pharmaceuticals traded as high as $16.17 and last traded at $15.90, with a volume of 574,592 shares changing hands. The stock had previously closed at $16.10.
IRWD has been the subject of several other reports. BTIG Research reaffirmed a “buy” rating and issued a $18.00 target price (up from $15.00) on shares of Ironwood Pharmaceuticals in a research report on Friday, September 23rd. Mizuho lifted their target price on Ironwood Pharmaceuticals from $16.00 to $24.00 and gave the company a “buy” rating in a research report on Friday, July 15th. Zacks Investment Research raised Ironwood Pharmaceuticals from a “hold” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Monday, July 25th. Barclays PLC lifted their target price on Ironwood Pharmaceuticals from $11.00 to $12.00 and gave the company an “equal weight” rating in a research report on Friday, August 5th. Finally, Leerink Swann reaffirmed a “market perform” rating and issued a $14.00 target price (up from $10.00) on shares of Ironwood Pharmaceuticals in a research report on Monday, August 8th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $15.64.
In related news, Director Lawrence S. Olanoff sold 3,200 shares of the company’s stock in a transaction that occurred on Tuesday, September 6th. The stock was sold at an average price of $13.72, for a total value of $43,904.00. Following the completion of the transaction, the director now directly owns 29,305 shares of the company’s stock, valued at $402,064.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 7.17% of the stock is owned by corporate insiders.
Institutional investors have recently made changes to their positions in the stock. Dynamic Technology Lab Private Ltd acquired a new position in shares of Ironwood Pharmaceuticals during the second quarter worth about $144,000. Parametrica Management Ltd purchased a new stake in shares of Ironwood Pharmaceuticals during the second quarter worth $150,000. Prudential Financial Inc. boosted its stake in shares of Ironwood Pharmaceuticals by 12.5% in the second quarter. Prudential Financial Inc. now owns 12,614 shares of the company’s stock worth $165,000 after buying an additional 1,400 shares in the last quarter. Amalgamated Bank boosted its stake in shares of Ironwood Pharmaceuticals by 3.0% in the second quarter. Amalgamated Bank now owns 13,668 shares of the company’s stock worth $182,000 after buying an additional 397 shares in the last quarter. Finally, Meeder Asset Management Inc. purchased a new stake in shares of Ironwood Pharmaceuticals during the second quarter worth $180,000. 93.96% of the stock is owned by hedge funds and other institutional investors.
The firm’s 50 day moving average price is $14.21 and its 200 day moving average price is $12.57. The stock’s market capitalization is $2.24 billion.
Ironwood Pharmaceuticals (NASDAQ:IRWD) last issued its quarterly earnings data on Thursday, August 4th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.15) by $0.01. Ironwood Pharmaceuticals had a negative net margin of 45.21% and a negative return on equity of 94.75%. The business had revenue of $54.40 million for the quarter, compared to analyst estimates of $54.49 million. During the same quarter last year, the business earned ($0.34) EPS. Ironwood Pharmaceuticals’s revenue for the quarter was up 96.4% compared to the same quarter last year. On average, equities analysts expect that Ironwood Pharmaceuticals Inc. will post ($0.75) EPS for the current year.
Ironwood Pharmaceuticals Company Profile
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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