Bank of America Corp DE Sells 2,838,753 Shares of Ironwood Pharmaceuticals, Inc. $IRWD

Key Points

• Bank of America cut its Ironwood Pharmaceuticals stake by 24.6% in the first quarter, selling 2.84 million shares and retaining 8.68 million shares worth approximately $30.5 million.
• Analyst sentiment remains generally positive, with the stock carrying a “Moderate Buy” average rating and a consensus price target of $6.23, despite recent downgrades from several firms.
• Ironwood reported quarterly EPS of $0.31 and revenue of $113.04 million, both slightly below analyst expectations. Its shares recently opened at $4.31, while insiders have also recently sold shares.

Bank of America Corp DE decreased its holdings in Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD - Free Report) by 24.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 8,682,907 shares of the biotechnology company's stock after selling 2,838,753 shares during the period. Bank of America Corp DE owned 5.32% of Ironwood Pharmaceuticals worth $30,477,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the business. LSV Asset Management bought a new position in Ironwood Pharmaceuticals in the 4th quarter worth about $30,000. Jump Financial LLC purchased a new stake in shares of Ironwood Pharmaceuticals in the fourth quarter worth about $34,000. DGS Capital Management LLC purchased a new stake in shares of Ironwood Pharmaceuticals in the fourth quarter worth about $35,000. Cibc World Markets Corp bought a new position in shares of Ironwood Pharmaceuticals in the fourth quarter valued at approximately $36,000. Finally, Simplify Asset Management Inc. purchased a new position in Ironwood Pharmaceuticals during the fourth quarter valued at approximately $37,000.

Analyst Ratings Changes

A number of analysts recently weighed in on IRWD shares. Zacks Research lowered shares of Ironwood Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 30th. Wall Street Zen downgraded shares of Ironwood Pharmaceuticals from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 8th. Finally, Weiss Ratings upgraded shares of Ironwood Pharmaceuticals from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $6.23.

Insider Activity at Ironwood Pharmaceuticals

In other Ironwood Pharmaceuticals news, Director Julie Mchugh sold 21,571 shares of the company's stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $3.73, for a total value of $80,459.83. Following the completion of the sale, the director owned 250,749 shares of the company's stock, valued at $935,293.77. This represents a 7.92% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Ronald Silver sold 127,890 shares of the stock in a transaction that occurred on Tuesday, July 7th. The shares were sold at an average price of $4.52, for a total transaction of $578,062.80. Following the transaction, the insider owned 313,680 shares in the company, valued at $1,417,833.60. The trade was a 28.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 9.30% of the stock is owned by corporate insiders.

Ironwood Pharmaceuticals Stock Performance

Ironwood Pharmaceuticals stock opened at $4.31 on Friday. The firm's fifty day moving average price is $3.99 and its 200-day moving average price is $3.94. The stock has a market cap of $712.18 million, a P/E ratio of 5.60 and a beta of 0.20. Ironwood Pharmaceuticals, Inc. has a fifty-two week low of $1.01 and a fifty-two week high of $5.78.

Ironwood Pharmaceuticals (NASDAQ:IRWD - Get Free Report) last released its earnings results on Thursday, August 6th. The biotechnology company reported $0.31 EPS for the quarter, missing analysts' consensus estimates of $0.32 by ($0.01). Ironwood Pharmaceuticals had a net margin of 33.36% and a negative return on equity of 58.38%. The firm had revenue of $113.04 million during the quarter, compared to the consensus estimate of $114.84 million. On average, analysts predict that Ironwood Pharmaceuticals, Inc. will post 1.04 earnings per share for the current year.

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.

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