Ironwood Pharmaceuticals (NASDAQ:IRWD)‘s stock had its “underweight” rating reaffirmed by JPMorgan Chase & Co. in a research note issued to investors on Wednesday, MarketBeat reports. They presently have a $11.00 price target on the biotechnology company’s stock, down from their previous price target of $20.00. JPMorgan Chase & Co.’s price target indicates a potential downside of 7.33% from the company’s current price.
Several other research firms have also recently weighed in on IRWD. Credit Suisse Group reissued a “neutral” rating and issued a $19.00 price objective (down from $22.00) on shares of Ironwood Pharmaceuticals in a research report on Wednesday. BTIG Research set a $17.00 price objective on Ironwood Pharmaceuticals and gave the company a “buy” rating in a research report on Wednesday. Wells Fargo & Co reduced their price objective on Ironwood Pharmaceuticals to $18.50 and set an “outperform” rating for the company in a research report on Thursday, November 1st. HC Wainwright set a $13.00 price objective on Ironwood Pharmaceuticals and gave the company a “sell” rating in a research report on Wednesday, October 31st. Finally, ValuEngine cut Ironwood Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, October 31st. Four analysts have rated the stock with a sell rating, seven have given a hold rating and four have assigned a buy rating to the company’s stock. Ironwood Pharmaceuticals currently has an average rating of “Hold” and a consensus price target of $17.35.
Ironwood Pharmaceuticals stock traded down $0.21 during trading hours on Wednesday, reaching $11.87. 38,115 shares of the company were exchanged, compared to its average volume of 1,719,167. The stock has a market capitalization of $1.96 billion, a P/E ratio of -12.85 and a beta of 1.33. Ironwood Pharmaceuticals has a 12 month low of $11.81 and a 12 month high of $21.20.
Ironwood Pharmaceuticals (NASDAQ:IRWD) last announced its earnings results on Tuesday, November 6th. The biotechnology company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.24). The business had revenue of $68.69 million during the quarter, compared to analysts’ expectations of $93.48 million. The firm’s revenue for the quarter was down 20.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.18) earnings per share. Analysts expect that Ironwood Pharmaceuticals will post -0.87 EPS for the current year.
In related news, Director Julie Mchugh sold 1,500 shares of the company’s stock in a transaction on 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 in the company, valued at $1,740,602.10. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Mark G. Currie sold 130,000 shares of the company’s stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $18.45, for a total value of $2,398,500.00. Following the completion of the transaction, the insider now owns 791,666 shares of the company’s stock, valued at $14,606,237.70. The disclosure for this sale can be found here. Insiders sold 248,339 shares of company stock valued at $4,475,466 over the last three months. 7.63% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Meeder Asset Management Inc. acquired a new position in shares of Ironwood Pharmaceuticals in the second quarter valued at $186,000. Campbell & CO Investment Adviser LLC acquired a new position in shares of Ironwood Pharmaceuticals in the third quarter valued at $249,000. V Wealth Management LLC acquired a new position in shares of Ironwood Pharmaceuticals in the second quarter valued at $258,000. PNC Financial Services Group Inc. raised its stake in shares of Ironwood Pharmaceuticals by 17,621.9% in the second quarter. PNC Financial Services Group Inc. now owns 17,013 shares of the biotechnology company’s stock valued at $325,000 after purchasing an additional 16,917 shares in the last quarter. Finally, LPL Financial LLC raised its stake in shares of Ironwood Pharmaceuticals by 16.3% in the first quarter. LPL Financial LLC now owns 21,160 shares of the biotechnology company’s stock valued at $326,000 after purchasing an additional 2,959 shares in the last quarter. Institutional investors and hedge funds own 97.29% of the company’s stock.
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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