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Ironwood Pharmaceuticals Inc. (IRWD) on September 29, 2020 announced that the company plans to abandon development of IW-3718, include stopping enrollment in IW-3718-301, the second Phase III triall.
The Company said that data from IW-3718-302, did not meet the pre-specified criteria associated with a planned early efficacy assessment. Following the assessment from an independent data monitoring committee, Ironwood unblinded the data and confirmed that IW-3718-302 did not meet the criteria, including the study’s primary endpoint of achieving a statistically significant improvement in heartburn severity. IW-3718 was generally well-tolerated in study IW-3718-302.
Ironwood plans to implement an organizational restructuring, reducing headcount by approximately 100 full-time employees, or nearly 35% of the current workforce. This is expected to affect both field-based and home-office employees, including the relevant general & administrative support functions. Following the changes, Ironwood expects to have approximately 210 full-time employees. The planned workforce reduction is anticipated to be substantially completed in the first quarter of 2021.
Ironwood expects these changes to result in total cost savings of greater than $95 million, comprised of at least $45 million in annualized cost savings related to the planned workforce reduction and an additional approximately $50 million related to external spend for IW-3718 previously expected through 2021. Ironwood expects to incur one-time costs of approximately $10 million to $12 million in connection with discontinuing development of IW-3718, primarily associated with the planned reduction in workforce. Such costs are expected to be incurred primarily in the fourth quarter of 2020.
Wells Fargo announced it was Downgrade coverage of Ironwood Pharmaceuticals Inc. in a research note on September 30, 2020. The analysts assigned a Equal weight rating to the stock with a price target of $9. Northland Capital rated the stock as an Outperform in a research noted published on June 17, 2020. Credit Suisse rated the stock as a Neutral in a research note published on July 10, 2019.
McHugh Julie, the Director of Ironwood Pharmaceuticals Inc., sold 7950.0 shares at the valuation of $9.77 during an exchange that occurred on Sep 08, which implies that McHugh Julie is holding 123,107 shares at the estimation of $77,672 dependent on the most recent closing price.
In another transaction, on Aug 17, Chief Accounting Officer of Ironwood Pharmaceuticals Inc., MacDonald Kelly, sold 575.0 shares at the price of $10.14. After this activity, MacDonald Kelly now keeps 118,552 shares of Ironwood Pharmaceuticals Inc., esteemed at $5,831 with the most recent shutting price.
IRWD Recent Trade
The share price of IRWD ascended by $0.29 during the exchanging session on 10/01/20 to exchange at $9.28. Ironwood Pharmaceuticals Inc. stock has an exchanging volume of 6.65 million shares, which is high, contrasted with its 3-months average volume of 1.85M shares. Its market capitalization has now reached to $1.49B and analysts have a consensus target price of $12.40 in the 12-month period.
IRWD Past Trading Activity
The market tends to become urbane often, in any event, for prepared investors and traders. In any event, when a merchant got what he/she had expected, the market occasionally chooses to move the other way. This instability leads a few traders questioning and re-thinking their moves. This is the reason becoming acquainted with past price performance, just as both long and short time period, is significant. If we look the past performance, during the last one week, IRWD price has dropped by -1.90%. In the course of past three months sees the stock go down around -8.84%, while it has lost -8.12% over the past six months and -30.28% since the start of the year.
IRWD Earning History
Earnings per share are the amount of profit that a company produces during a specific period, which is usually defined as a quarter (three calendar months) or a year. In recent quarter of (Sep 2020), the firm recorded a revenue of 89.43 billion, which was higher than the gauge of 97.56M made by certain experts. For that equivalent quarter, Ironwood Pharmaceuticals Inc. posted $0.16 earnings per share (EPS) which was above the consensus estimate of $0.09 by $0.07, which represents to an expansion by 77.80%.
IRWD Price Performance
Let us presently take a gander at a portion of its probable help and opposition resistance. Late research on Ironwood Pharmaceuticals Inc. has seen its stock exchanging -14.39% underneath its three-month high price. A glance at the opposite side additionally observes stock exchanging +7.53% above its three-month low. A more extensive look sees IRWD exchanging -34.18% beneath its 52-week high and 17.32% above from its 52-week low price.
IRWD Instability & Beta Factor
The Volatility of a stock means that the stock’s drop or increase in the event that the more extensive market drops or rushes. A beta score higher than 1 implies that a stock is profoundly unpredictable while underneath 1 implies that the Volatility of a stock is low. If we look trading Volatility. Its 7-day Volatility is around 6.80%, while it has a month to month instability of 4.28%. Ticker has an ATR (Average True Range) of 0.43 and a beta factor of 1.42.