Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) shares shot up 11.7% during trading on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $15.04 and last traded at $14.75. 4,755,739 shares were traded during trading, an increase of 180% from the average session volume of 1,698,158 shares. The stock had previously closed at $13.21.
The biotechnology company reported ($0.02) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.17) by $0.15. The firm had revenue of $130.70 million for the quarter, compared to analyst estimates of $96.57 million. During the same quarter in the prior year, the firm earned ($0.14) EPS. The firm’s revenue was up 38.7% compared to the same quarter last year.
A number of research firms have recently issued reports on IRWD. BTIG Research set a $19.00 price target on shares of Ironwood Pharmaceuticals and gave the company a “buy” rating in a report on Thursday. ValuEngine upgraded shares of Ironwood Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Wednesday. Zacks Investment Research upgraded shares of Ironwood Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, January 28th. BidaskClub upgraded shares of Ironwood Pharmaceuticals from a “hold” rating to a “buy” rating in a report on Thursday, January 31st. Finally, HC Wainwright set a $13.00 price target on shares of Ironwood Pharmaceuticals and gave the company a “sell” rating in a report on Wednesday, October 31st. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $17.50.
A number of institutional investors have recently added to or reduced their stakes in IRWD. FMR LLC increased its stake in Ironwood Pharmaceuticals by 3.1% in the 2nd quarter. FMR LLC now owns 18,088,500 shares of the biotechnology company’s stock valued at $345,852,000 after buying an additional 547,724 shares during the period. Millennium Management LLC acquired a new position in shares of Ironwood Pharmaceuticals during the 2nd quarter worth $1,287,000. Northern Trust Corp increased its stake in shares of Ironwood Pharmaceuticals by 5.1% during the 2nd quarter. Northern Trust Corp now owns 1,641,866 shares of the biotechnology company’s stock worth $31,392,000 after purchasing an additional 80,100 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Ironwood Pharmaceuticals by 248.8% during the 3rd quarter. First Trust Advisors LP now owns 173,677 shares of the biotechnology company’s stock worth $3,206,000 after purchasing an additional 123,883 shares during the last quarter. Finally, Alps Advisors Inc. increased its stake in shares of Ironwood Pharmaceuticals by 23.8% during the 3rd quarter. Alps Advisors Inc. now owns 246,297 shares of the biotechnology company’s stock worth $4,547,000 after purchasing an additional 47,400 shares during the last quarter. Hedge funds and other institutional investors own 93.85% of the company’s stock.
The company has a market capitalization of $2.14 billion, a P/E ratio of -15.86 and a beta of 1.91.
COPYRIGHT VIOLATION WARNING: “Ironwood Pharmaceuticals (IRWD) Shares Up 11.7% After Earnings Beat” was originally reported by Chaffey Breeze and is the sole property of of Chaffey Breeze. If you are accessing this story on another domain, it was illegally stolen and reposted in violation of United States and international trademark and copyright legislation. The original version of this story can be accessed at https://www.chaffeybreeze.com/2019/02/14/ironwood-pharmaceuticals-irwd-shares-up-11-7-after-earnings-beat.html.
Ironwood Pharmaceuticals Company Profile (NASDAQ:IRWD)
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.
Featured Article: What is Cost of Debt?
Receive News & Ratings for Ironwood Pharmaceuticals Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ironwood Pharmaceuticals and related companies with MarketBeat.com's FREE daily email newsletter.