Ironwood Pharmaceuticals (NASDAQ:IRWD) Stock Price Down 5.6% – Here’s Why

Shares of Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD) fell 5.6% on Friday . The company traded as low as $4.40 and last traded at $4.3540. 302,776 shares traded hands during mid-day trading, a decline of 94% from the average session volume of 5,422,728 shares. The stock had previously closed at $4.61.

Analysts Set New Price Targets

A number of brokerages have issued reports on IRWD. Citigroup raised Ironwood Pharmaceuticals from a “market perform” rating to an “outperform” rating in a research report on Monday, January 5th. Craig Hallum raised shares of Ironwood Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Monday, January 5th. Citizens Jmp upgraded shares of Ironwood Pharmaceuticals from a “market perform” rating to a “market outperform” rating and set a $8.00 target price on the stock in a report on Monday, January 5th. Wells Fargo & Company boosted their target price on shares of Ironwood Pharmaceuticals from $3.00 to $5.00 and gave the stock an “equal weight” rating in a research report on Monday, January 5th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ironwood Pharmaceuticals in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.68.

Ironwood Pharmaceuticals Stock Down 14.0%

The stock’s 50-day moving average price is $4.25 and its 200 day moving average price is $2.70. The firm has a market cap of $645.03 million, a price-to-earnings ratio of 24.78 and a beta of 0.17.

Institutional Trading of Ironwood Pharmaceuticals

A number of hedge funds have recently modified their holdings of the company. Armistice Capital LLC lifted its position in Ironwood Pharmaceuticals by 17.9% in the second quarter. Armistice Capital LLC now owns 16,150,000 shares of the biotechnology company’s stock worth $11,583,000 after purchasing an additional 2,450,000 shares during the period. Bank of America Corp DE lifted its holdings in shares of Ironwood Pharmaceuticals by 248.3% during the 3rd quarter. Bank of America Corp DE now owns 11,695,544 shares of the biotechnology company’s stock worth $15,321,000 after acquiring an additional 8,337,672 shares during the period. Acadian Asset Management LLC lifted its holdings in shares of Ironwood Pharmaceuticals by 147.6% during the 2nd quarter. Acadian Asset Management LLC now owns 6,549,687 shares of the biotechnology company’s stock worth $4,685,000 after acquiring an additional 3,904,498 shares during the period. Millennium Management LLC boosted its position in shares of Ironwood Pharmaceuticals by 186.6% during the 1st quarter. Millennium Management LLC now owns 6,359,682 shares of the biotechnology company’s stock valued at $9,349,000 after acquiring an additional 4,140,439 shares in the last quarter. Finally, AQR Capital Management LLC increased its stake in Ironwood Pharmaceuticals by 144.3% in the second quarter. AQR Capital Management LLC now owns 6,165,637 shares of the biotechnology company’s stock valued at $4,422,000 after acquiring an additional 3,641,762 shares during the period.

Ironwood Pharmaceuticals Company Profile

Ironwood Pharmaceuticals, Inc is a commercial?stage biotechnology company focused on the discovery, development and commercialization of medicines for gastrointestinal (GI) disorders. The company’s flagship product is linaclotide, marketed under the brand name LINZESS in the United States for the treatment of irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC). Through a strategic collaboration with Allergan (now part of AbbVie), Ironwood also commercializes linaclotide in select ex-U.S.