Ironwood Pharmaceuticals (IRWD) Upgraded at Zacks Investment Research
Zacks Investment Research upgraded shares of Ironwood Pharmaceuticals (NASDAQ:IRWD) from a sell rating to a hold rating in a research note published on Thursday morning.
According to Zacks, “Ironwood’s dependence on Linzess for growth is concerning. Performance of Linzess has been uneven, encouraging at times and falling below expectations at others based on customer buying patterns. Moreover, competition in CIC and IBS-C, Linzess’ target markets is intensifying. Any Linzess-related pipeline/regulatory setbacks will weigh heavily on the stock, as the rest of its pipeline is mostly mid-stage in nature. Also, the uptake of Zurampic, Ironwood’s second marketed drug, has been slow and expectations from new launched combination gout drug, Duzallo, are quite low. Investor focus should be on Ironwood’s pipeline updates. Shares have underperformed the industry in the past one year. Loss estimates have been stable lately ahead of the company’s Q4 earnings release. The company has a mixed record of earnings surprises in recent quarters.”
A number of other equities analysts have also weighed in on IRWD. BidaskClub lowered shares of Ironwood Pharmaceuticals from a sell rating to a strong sell rating in a report on Thursday. ValuEngine downgraded shares of Ironwood Pharmaceuticals from a hold rating to a sell rating in a report on Monday, October 2nd. Bank of America cut shares of Ironwood Pharmaceuticals from a buy rating to an underperform rating and decreased their target price for the company from $20.00 to $15.00 in a research report on Friday, January 5th. Morgan Stanley restated a hold rating on shares of Ironwood Pharmaceuticals in a research note on Monday, December 4th. Finally, Mizuho downgraded shares of Ironwood Pharmaceuticals from a buy rating to a neutral rating and lowered their target price for the company from $20.00 to $16.00 in a research note on Wednesday, December 6th. Three 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 presently has an average rating of Hold and an average target price of $17.56.
Ironwood Pharmaceuticals (NASDAQ:IRWD) last announced its quarterly earnings data on Thursday, November 2nd. The biotechnology company reported ($0.18) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.07. Ironwood Pharmaceuticals had a negative return on equity of 645.22% and a negative net margin of 48.89%. The business had revenue of $86.80 million during the quarter, compared to analyst estimates of $73.59 million. During the same period in the prior year, the company earned ($0.18) earnings per share. Ironwood Pharmaceuticals’s revenue was up 31.3% compared to the same quarter last year. equities research analysts anticipate that Ironwood Pharmaceuticals will post -1.11 earnings per share for the current year.
In other news, CEO Peter M. Hecht sold 113,405 shares of the stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $15.12, for a total value of $1,714,683.60. Following the completion of the transaction, the chief executive officer now owns 4,696,917 shares in the company, valued at approximately $71,017,385.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 115,769 shares of company stock valued at $1,752,491 in the last quarter. Insiders own 7.63% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of Ironwood Pharmaceuticals by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 10,761,867 shares of the biotechnology company’s stock worth $203,184,000 after purchasing an additional 256,406 shares during the last quarter. Janus Henderson Group PLC purchased a new stake in Ironwood Pharmaceuticals in the 2nd quarter worth about $150,460,000. State Street Corp raised its position in Ironwood Pharmaceuticals by 13.7% in the 2nd quarter. State Street Corp now owns 4,530,267 shares of the biotechnology company’s stock worth $85,533,000 after purchasing an additional 545,464 shares during the period. EcoR1 Capital LLC raised its position in Ironwood Pharmaceuticals by 29.2% in the 2nd quarter. EcoR1 Capital LLC now owns 3,753,635 shares of the biotechnology company’s stock worth $70,869,000 after purchasing an additional 848,120 shares during the period. Finally, Pictet Asset Management Ltd. raised its position in Ironwood Pharmaceuticals by 37.5% in the 3rd quarter. Pictet Asset Management Ltd. now owns 2,622,507 shares of the biotechnology company’s stock worth $41,357,000 after purchasing an additional 715,147 shares during the period.
About Ironwood Pharmaceuticals
Ironwood Pharmaceuticals, Inc is a biotechnology company. The Company is advancing product opportunities in areas of unmet need, including irritable bowel syndrome with constipation (IBS C), and chronic idiopathic constipation (CIC), hyperuricemia associated with uncontrolled gout, uncontrolled gastroesophageal reflux disease (uncontrolled GERD), and vascular and fibrotic diseases.
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