Ironwood Pharmaceuticals (NASDAQ:IRWD) Trading 5.5% Higher

Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD)’s stock price shot up 5.5% during trading on Wednesday . The stock traded as high as $8.19 and last traded at $8.18. 351,520 shares were traded during mid-day trading, a decline of 92% from the average session volume of 4,272,103 shares. The stock had previously closed at $7.75.

Wall Street Analyst Weigh In

Several brokerages have commented on IRWD. StockNews.com downgraded shares of Ironwood Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, April 6th. Piper Sandler raised their price objective on shares of Ironwood Pharmaceuticals from $20.00 to $21.00 and gave the company an “overweight” rating in a research report on Friday, February 16th. Craig Hallum assumed coverage on shares of Ironwood Pharmaceuticals in a research report on Wednesday, January 17th. They set a “buy” rating and a $21.00 price objective on the stock. Finally, Wells Fargo & Company decreased their target price on shares of Ironwood Pharmaceuticals from $20.00 to $14.00 and set an “overweight” rating on the stock in a research report on Friday, March 1st. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $19.80.

Ironwood Pharmaceuticals Stock Up 5.0 %

The firm has a market capitalization of $1.27 billion, a PE ratio of -1.27 and a beta of 0.55. The firm’s fifty day simple moving average is $9.23 and its 200-day simple moving average is $10.65.

Insiders Place Their Bets

In other news, Director Jon R. Duane bought 6,920 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $8.70 per share, with a total value of $60,204.00. Following the completion of the acquisition, the director now owns 121,028 shares of the company’s stock, valued at $1,052,943.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Jon R. Duane bought 6,920 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was acquired at an average cost of $8.70 per share, with a total value of $60,204.00. Following the completion of the acquisition, the director now owns 121,028 shares of the company’s stock, valued at $1,052,943.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO Michael Shetzline sold 38,618 shares of the business’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $15.24, for a total transaction of $588,538.32. Following the transaction, the chief marketing officer now directly owns 340,484 shares of the company’s stock, valued at $5,188,976.16. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 273,008 shares of company stock valued at $4,160,642. Insiders own 13.10% of the company’s stock.

Institutional Trading of Ironwood Pharmaceuticals

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in IRWD. Armistice Capital LLC bought a new position in shares of Ironwood Pharmaceuticals in the third quarter worth approximately $33,281,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Ironwood Pharmaceuticals in the third quarter worth approximately $22,903,000. Jupiter Asset Management Ltd. boosted its position in shares of Ironwood Pharmaceuticals by 566.8% in the third quarter. Jupiter Asset Management Ltd. now owns 2,210,985 shares of the biotechnology company’s stock worth $21,292,000 after purchasing an additional 1,879,401 shares during the period. Adage Capital Partners GP L.L.C. boosted its position in shares of Ironwood Pharmaceuticals by 160.9% during the third quarter. Adage Capital Partners GP L.L.C. now owns 2,462,300 shares of the biotechnology company’s stock worth $23,712,000 after acquiring an additional 1,518,500 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Ironwood Pharmaceuticals by 7.6% during the fourth quarter. Vanguard Group Inc. now owns 16,033,545 shares of the biotechnology company’s stock worth $183,424,000 after acquiring an additional 1,137,845 shares during the last quarter.

Ironwood Pharmaceuticals Company Profile

Ironwood Pharmaceuticals, Inc, a healthcare company, focuses on the development and commercialization of gastrointestinal (GI) products. It markets linaclotide, a guanylate cyclase type-C (GC-C) agonist for the treatment of adults suffering from irritable bowel syndrome with constipation or chronic idiopathic constipation under the LINZESS name in the United States, Mexico, Japan, Saudi Arabia, and China, as well as under the CONSTELLA name in the Canada and European countries.