Ironwood Pharmaceuticals (NASDAQ:IRWD) Trading Down 5.6% – Here’s What Happened

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

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Citigroup upgraded Ironwood Pharmaceuticals from a “market perform” rating to an “outperform” rating in a report on Monday, January 5th. Citizens Jmp raised shares of Ironwood Pharmaceuticals from a “market perform” rating to a “market outperform” rating and set a $8.00 price objective for the company in a research note on Monday, January 5th. Zacks Research raised shares of Ironwood Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Thursday, January 1st. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Ironwood Pharmaceuticals in a research note on Monday, December 29th. Finally, Wells Fargo & Company increased their price objective 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. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $3.68.

Ironwood Pharmaceuticals Stock Performance

The company has a market capitalization of $644.21 million, a P/E ratio of 24.75 and a beta of 0.17. The company’s fifty day simple moving average is $4.26 and its 200-day simple moving average is $2.74.

Institutional Trading of Ironwood Pharmaceuticals

Hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE increased its holdings in shares of Ironwood Pharmaceuticals by 248.3% in the 3rd quarter. Bank of America Corp DE now owns 11,695,544 shares of the biotechnology company’s stock valued at $15,321,000 after acquiring an additional 8,337,672 shares during the period. Millennium Management LLC lifted its stake 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 worth $9,349,000 after purchasing an additional 4,140,439 shares during the last quarter. Acadian Asset Management LLC boosted its position in Ironwood Pharmaceuticals by 147.6% during the second quarter. Acadian Asset Management LLC now owns 6,549,687 shares of the biotechnology company’s stock valued at $4,685,000 after purchasing an additional 3,904,498 shares in the last quarter. AQR Capital Management LLC grew 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 purchasing an additional 3,641,762 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in Ironwood Pharmaceuticals by 616.3% in the second quarter. Marshall Wace LLP now owns 3,993,557 shares of the biotechnology company’s stock valued at $2,875,000 after purchasing an additional 3,436,036 shares during the last quarter.

About Ironwood Pharmaceuticals

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.