Bank of America Downgrades Ironwood Pharmaceuticals (IRWD) to Underperform
Bank of America cut shares of Ironwood Pharmaceuticals (NASDAQ:IRWD) from a buy rating to an underperform rating in a research note issued to investors on Friday morning, Marketbeat.com reports. Bank of America currently has $15.00 price objective on the biotechnology company’s stock, down from their prior price objective of $20.00.
Several other equities research analysts have also recently issued reports on the stock. Credit Suisse Group initiated coverage on shares of Ironwood Pharmaceuticals in a research report on Monday, November 27th. They issued a buy rating and a $19.00 target price on the stock. ValuEngine cut shares of Ironwood Pharmaceuticals from a hold rating to a sell rating in a research report on Tuesday, November 14th. Mizuho cut shares of Ironwood Pharmaceuticals from a buy rating to a neutral rating and decreased their target price for the stock from $20.00 to $16.00 in a research report on Wednesday, December 6th. Morgan Stanley reissued a hold rating on shares of Ironwood Pharmaceuticals in a research report on Monday, December 4th. Finally, BidaskClub lowered shares of Ironwood Pharmaceuticals from a hold rating to a sell rating in a report on Saturday, December 30th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $17.56.
Ironwood Pharmaceuticals (NASDAQ IRWD) traded down $0.06 on Friday, hitting $15.14. 3,198,200 shares of the company traded hands, compared to its average volume of 1,428,325. The company has a debt-to-equity ratio of -22.31, a current ratio of 4.87 and a quick ratio of 4.86. Ironwood Pharmaceuticals has a twelve month low of $13.43 and a twelve month high of $19.94. The firm has a market capitalization of $2,267.29, a PE ratio of -15.61 and a beta of 1.45.
Ironwood Pharmaceuticals (NASDAQ:IRWD) last released its earnings results on Thursday, November 2nd. The biotechnology company reported ($0.18) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.25) by $0.07. Ironwood Pharmaceuticals had a negative net margin of 48.89% and a negative return on equity of 645.22%. The business had revenue of $86.80 million for the quarter, compared to analysts’ expectations of $73.59 million. During the same period last year, the company earned ($0.18) earnings per share. The company’s quarterly revenue was up 31.3% on a year-over-year basis. research analysts expect that Ironwood Pharmaceuticals will post -1.12 earnings per share for the current year.
In related news, CEO Peter M. Hecht sold 113,405 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 4,696,917 shares in the company, valued at $71,017,385.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders sold 115,769 shares of company stock worth $1,752,491 in the last 90 days. 7.63% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Gerber Kawasaki Wealth & Investment Management purchased a new stake in shares of Ironwood Pharmaceuticals during the third quarter valued at approximately $170,000. Ameritas Investment Partners Inc. raised its stake in shares of Ironwood Pharmaceuticals by 5.8% during the second quarter. Ameritas Investment Partners Inc. now owns 11,821 shares of the biotechnology company’s stock valued at $223,000 after purchasing an additional 648 shares during the period. Virtu KCG Holdings LLC raised its stake in shares of Ironwood Pharmaceuticals by 10.3% during the second quarter. Virtu KCG Holdings LLC now owns 15,740 shares of the biotechnology company’s stock valued at $297,000 after purchasing an additional 1,470 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Ironwood Pharmaceuticals by 554.4% during the second quarter. BNP Paribas Arbitrage SA now owns 17,046 shares of the biotechnology company’s stock valued at $322,000 after purchasing an additional 14,441 shares during the period. Finally, Amalgamated Bank raised its stake in shares of Ironwood Pharmaceuticals by 9.0% during the second quarter. Amalgamated Bank now owns 17,280 shares of the biotechnology company’s stock valued at $326,000 after purchasing an additional 1,421 shares during the period.
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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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