508,880 Shares in Ironwood Pharmaceuticals, Inc. $IRWD Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 508,880 Ironwood Pharmaceuticals shares worth approximately $2.14 million, taking a 0.31% stake. Several other institutional investors also significantly increased their positions.
• Ironwood insiders sold shares, including an executive’s $578,063 sale and a director’s $80,460 sale; insiders collectively own 9.30% of the company.
• Analyst sentiment remains moderately positive, with a consensus target price of $6.23, although several firms recently downgraded the stock. Ironwood reported quarterly EPS of $0.31 and revenue of $113.04 million, both slightly below expectations.

Bank of New York Mellon Corp bought a new position in Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD - Free Report) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 508,880 shares of the biotechnology company's stock, valued at approximately $2,142,000. Bank of New York Mellon Corp owned 0.31% of Ironwood Pharmaceuticals at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the company. Bank of America Corp DE grew its position in Ironwood Pharmaceuticals by 248.3% in the third quarter. Bank of America Corp DE now owns 11,695,544 shares of the biotechnology company's stock valued at $15,321,000 after purchasing an additional 8,337,672 shares in the last quarter. Millennium Management LLC boosted its position in Ironwood Pharmaceuticals by 186.6% during the first quarter. Millennium Management LLC now owns 6,359,682 shares of the biotechnology company's stock valued at $9,349,000 after purchasing an additional 4,140,439 shares during the last quarter. AQR Capital Management LLC boosted its position in Ironwood Pharmaceuticals by 144.3% during 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. 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 in the last quarter. Finally, Jane Street Group LLC grew its stake in Ironwood Pharmaceuticals by 740.5% in the first quarter. Jane Street Group LLC now owns 3,510,117 shares of the biotechnology company's stock valued at $5,160,000 after purchasing an additional 3,092,475 shares in the last quarter.

Insider Buying and Selling at Ironwood Pharmaceuticals

In other news, insider Ronald Silver sold 127,890 shares of the stock in a transaction dated Tuesday, July 7th. The shares were sold at an average price of $4.52, for a total value of $578,062.80. Following the transaction, the insider directly owned 313,680 shares of the company's stock, valued at $1,417,833.60. This represents a 28.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Julie McHugh sold 21,571 shares of the firm's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $3.73, for a total transaction of $80,459.83. Following the sale, the director owned 250,749 shares of the company's stock, valued at approximately $935,293.77. This represents a 7.92% decrease in their position. The SEC filing for this sale provides additional information. 9.30% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IRWD. Weiss Ratings cut Ironwood Pharmaceuticals from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday. Zacks Research cut shares of Ironwood Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research note on Thursday, July 30th. Finally, Wall Street Zen downgraded shares of Ironwood Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, Ironwood Pharmaceuticals currently has an average rating of "Moderate Buy" and a consensus target price of $6.23.

Ironwood Pharmaceuticals Price Performance

NASDAQ:IRWD opened at $4.26 on Tuesday. The stock's 50 day moving average price is $4.18 and its two-hundred day moving average price is $3.88. The firm has a market capitalization of $703.92 million, a price-to-earnings ratio of 5.53 and a beta of 0.20. Ironwood Pharmaceuticals, Inc. has a 12-month low of $1.05 and a 12-month high of $5.78.

Ironwood Pharmaceuticals (NASDAQ:IRWD - Get Free Report) last posted its earnings results on Thursday, August 6th. The biotechnology company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.32 by ($0.01). Ironwood Pharmaceuticals had a negative return on equity of 58.38% and a net margin of 33.36%.The business had revenue of $113.04 million for the quarter, compared to analyst estimates of $114.84 million. Equities research analysts expect that Ironwood Pharmaceuticals, Inc. will post 1.1 EPS for the current year.

Ironwood Pharmaceuticals 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.

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