JPMorgan Chase & Co. Reiterates Underweight Rating for Ironwood Pharmaceuticals (IRWD)

JPMorgan Chase & Co. restated their underweight rating on shares of Ironwood Pharmaceuticals (NASDAQ:IRWD) in a report issued on Wednesday, Marketbeat.com reports. They currently have a $11.00 target price on the biotechnology company’s stock, down from their prior target price of $20.00.

Several other research firms have also commented on IRWD. BidaskClub raised Ironwood Pharmaceuticals from a sell rating to a hold rating in a research report on Friday, September 28th. Credit Suisse Group reissued a neutral rating and set a $19.00 price target (down from $22.00) on shares of Ironwood Pharmaceuticals in a research report on Wednesday. Cowen reissued a market perform rating on shares of Ironwood Pharmaceuticals in a research report on Wednesday, July 18th. Wells Fargo & Co reduced their price target on Ironwood Pharmaceuticals to $18.50 and set an outperform rating on the stock in a research report on Thursday, November 1st. Finally, HC Wainwright set a $13.00 price target on Ironwood Pharmaceuticals and gave the stock a sell rating in a research report on Wednesday, August 22nd. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average target price of $17.35.

Ironwood Pharmaceuticals stock traded down $0.20 during midday trading on Wednesday, hitting $11.88. 1,677,504 shares of the company were exchanged, compared to its average volume of 1,784,796. The firm has a market capitalization of $1.83 billion, a PE ratio of -12.77 and a beta of 1.33. Ironwood Pharmaceuticals has a fifty-two week low of $11.62 and a fifty-two week high of $21.20.

Ironwood Pharmaceuticals (NASDAQ:IRWD) last released its quarterly 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 analysts’ expectations of $93.48 million. The business’s quarterly revenue was down 20.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.18) earnings per share. On average, sell-side analysts anticipate that Ironwood Pharmaceuticals will post -0.75 earnings per share for the current year.

In other Ironwood Pharmaceuticals news, insider Mark G. Currie sold 116,651 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 70,680 shares of the company’s stock, valued at approximately $1,239,020.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Mark G. Currie sold 130,000 shares of the company’s stock in a transaction that occurred 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 directly owns 791,666 shares in the company, valued at $14,606,237.70. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 248,339 shares of company stock worth $4,475,466. 7.63% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. OppenheimerFunds Inc. increased its holdings in shares of Ironwood Pharmaceuticals by 11.1% in the 2nd quarter. OppenheimerFunds Inc. now owns 2,872,640 shares of the biotechnology company’s stock valued at $54,925,000 after acquiring an additional 286,590 shares during the last quarter. Aperio Group LLC increased its holdings in shares of Ironwood Pharmaceuticals by 34.2% in the 2nd quarter. Aperio Group LLC now owns 21,185 shares of the biotechnology company’s stock valued at $405,000 after acquiring an additional 5,404 shares during the last quarter. Meeder Asset Management Inc. bought a new stake in shares of Ironwood Pharmaceuticals in the 2nd quarter valued at approximately $186,000. Schwab Charles Investment Management Inc. increased its holdings in shares of Ironwood Pharmaceuticals by 6.5% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 722,555 shares of the biotechnology company’s stock valued at $13,816,000 after acquiring an additional 44,157 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Ironwood Pharmaceuticals by 11.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 120,370 shares of the biotechnology company’s stock valued at $2,301,000 after acquiring an additional 12,175 shares during 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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Analyst Recommendations for Ironwood Pharmaceuticals (NASDAQ:IRWD)

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