Lazard Asset Management LLC Sells 710,256 Shares of Ironwood Pharmaceuticals, Inc. $IRWD

Key Points

• Lazard Asset Management cut its Ironwood Pharmaceuticals stake by 71% in the first quarter, selling 710,256 shares and retaining 290,189 shares valued at approximately $1.02 million.
• Analyst sentiment is mixed: Ironwood has a consensus rating of “Hold” and an average price target of $6.23, while institutional investors have continued to open or adjust positions.
• Insiders also reduced their holdings, including an executive’s sale of 127,890 shares and a director’s sale of 21,571 shares. Ironwood reported $106.5 million in quarterly revenue but slightly missed the consensus EPS estimate.

Lazard Asset Management LLC lowered its holdings in shares of Ironwood Pharmaceuticals, Inc. (NASDAQ:IRWD - Free Report) by 71.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 290,189 shares of the biotechnology company's stock after selling 710,256 shares during the quarter. Lazard Asset Management LLC owned 0.18% of Ironwood Pharmaceuticals worth $1,019,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Ironwood Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research report on Sunday, May 17th. Zacks Research cut shares of Ironwood Pharmaceuticals from a "strong-buy" rating to a "hold" rating in a research report on Thursday, July 30th. Finally, Weiss Ratings reaffirmed a "sell (d+)" rating on shares of Ironwood Pharmaceuticals in a research note on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $6.23.

Insider Activity

In related news, insider Ronald Silver sold 127,890 shares of Ironwood Pharmaceuticals stock in a transaction dated Tuesday, July 7th. The stock was sold at an average price of $4.52, for a total value of $578,062.80. Following the sale, the insider owned 313,680 shares of the company's stock, valued at approximately $1,417,833.60. The trade was a 28.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Julie Mchugh sold 21,571 shares of the company's stock in a transaction dated Tuesday, June 16th. The stock was sold at an average price of $3.73, for a total value of $80,459.83. Following the sale, the director owned 250,749 shares in the company, valued at $935,293.77. The trade was a 7.92% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 9.30% of the company's stock.

Ironwood Pharmaceuticals Stock Down 3.7%

NASDAQ IRWD opened at $4.15 on Thursday. The firm's 50 day moving average is $3.87 and its 200-day moving average is $3.97. The company has a market capitalization of $676.70 million, a PE ratio of 6.92 and a beta of 0.20. Ironwood Pharmaceuticals, Inc. has a 12-month low of $0.80 and a 12-month high of $5.78.

Ironwood Pharmaceuticals (NASDAQ:IRWD - Get Free Report) last announced its earnings results on Thursday, May 7th. The biotechnology company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.25 by ($0.01). The business had revenue of $106.51 million for the quarter, compared to analyst estimates of $92.11 million. Ironwood Pharmaceuticals had a negative return on equity of 39.65% and a net margin of 28.26%. As a group, sell-side analysts expect that Ironwood Pharmaceuticals, Inc. will post 1.04 EPS for the current year.

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.

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