Ironwood Pharmaceuticals (IRWD) Shares Up 11.7% After Earnings Beat

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.

In other Ironwood Pharmaceuticals news, CEO Peter M. Hecht sold 89,551 shares of the company’s stock in a transaction that occurred on Friday, January 25th. The shares were sold at an average price of $12.53, for a total value of $1,122,074.03. Following the transaction, the chief executive officer now owns 4,726,917 shares in the company, valued at approximately $59,228,270.01. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Peter M. Hecht sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, January 23rd. The shares were sold at an average price of $12.66, for a total transaction of $379,800.00. Following the completion of the transaction, the chief executive officer now owns 4,726,917 shares in the company, valued at approximately $59,842,769.22. The disclosure for this sale can be found here. In the last quarter, insiders sold 121,551 shares of company stock worth $1,526,814. Company insiders own 7.63% of the company’s stock.

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.

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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.

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