Ironwood Pharmaceuticals (NASDAQ:IRWD) Trading 5.5% Higher

Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) shares traded up 5.5% during trading on Wednesday . The stock traded as high as $8.19 and last traded at $8.18. 351,520 shares were traded during mid-day trading, a decline of 92% from the average session volume of 4,272,103 shares. The stock had previously closed at $7.75.

Wall Street Analysts Forecast Growth

IRWD has been the topic of several research reports. StockNews.com downgraded Ironwood Pharmaceuticals from a “buy” rating to a “hold” rating in a report on Saturday, April 6th. Craig Hallum initiated coverage on Ironwood Pharmaceuticals in a report on Wednesday, January 17th. They set a “buy” rating and a $21.00 price objective on the stock. Wells Fargo & Company reduced their price objective on Ironwood Pharmaceuticals from $20.00 to $14.00 and set an “overweight” rating on the stock in a report on Friday, March 1st. Finally, Piper Sandler upped their price objective on Ironwood Pharmaceuticals from $20.00 to $21.00 and gave the stock an “overweight” rating in a report on Friday, February 16th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $19.80.

Ironwood Pharmaceuticals Stock Performance

The stock has a fifty day simple moving average of $9.23 and a 200-day simple moving average of $10.65. The stock has a market cap of $1.27 billion, a P/E ratio of -1.27 and a beta of 0.55.

Insiders Place Their Bets

In other news, CMO Michael Shetzline sold 38,618 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $15.24, for a total transaction of $588,538.32. Following the completion of the transaction, the chief marketing officer now directly owns 340,484 shares in the company, valued at approximately $5,188,976.16. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Ironwood Pharmaceuticals news, CMO Michael Shetzline sold 38,618 shares of the firm’s stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $15.24, for a total transaction of $588,538.32. Following the completion of the sale, the chief marketing officer now directly owns 340,484 shares in the company, valued at $5,188,976.16. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Jon R. Duane bought 6,920 shares of the stock in a transaction dated Wednesday, March 6th. The shares were acquired at an average cost of $8.70 per share, for a total transaction of $60,204.00. Following the completion of the acquisition, the director now directly owns 121,028 shares of the company’s stock, valued at approximately $1,052,943.60. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 273,008 shares of company stock worth $4,160,642. Corporate insiders own 13.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in IRWD. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Ironwood Pharmaceuticals by 5.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 94,683 shares of the biotechnology company’s stock worth $825,000 after buying an additional 4,522 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Ironwood Pharmaceuticals by 0.4% during the first quarter. Principal Financial Group Inc. now owns 804,900 shares of the biotechnology company’s stock worth $7,011,000 after buying an additional 3,120 shares in the last quarter. China Universal Asset Management Co. Ltd. increased its holdings in shares of Ironwood Pharmaceuticals by 66.6% during the first quarter. China Universal Asset Management Co. Ltd. now owns 30,091 shares of the biotechnology company’s stock worth $262,000 after buying an additional 12,030 shares in the last quarter. New York State Teachers Retirement System increased its holdings in shares of Ironwood Pharmaceuticals by 36.2% during the first quarter. New York State Teachers Retirement System now owns 52,420 shares of the biotechnology company’s stock worth $457,000 after buying an additional 13,920 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. acquired a new position in shares of Ironwood Pharmaceuticals during the first quarter worth $487,000.

Ironwood Pharmaceuticals Company Profile

Ironwood Pharmaceuticals, Inc, a healthcare company, focuses on the development and commercialization of gastrointestinal (GI) products. It markets linaclotide, a guanylate cyclase type-C (GC-C) agonist for the treatment of adults suffering from irritable bowel syndrome with constipation or chronic idiopathic constipation under the LINZESS name in the United States, Mexico, Japan, Saudi Arabia, and China, as well as under the CONSTELLA name in the Canada and European countries.