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Ironwood buy maintained by Cowen after 1Q miss

May 9, 2017

Cowen reiterated an Outperform rating and $20.00 price target on Ironwood Pharmaceuticals (NASDAQ: IRWD) following the company’s 1Q earnings report. IRWD reported US net sales of $147.6M in 1Q17 which was below the consensus estimates of $172.8M. The miss was driven by seasonality and differences in trade-buying patterns impacting drawdown in channel inventory.

Ironwood reiterated its expectation for IW-3718 GERD Phase 2b data in mid-2017 which represents the company’s next significant pipeline binary event. IW-3718 is a reformulation of a hypertension drug which is designed to sequester bile.

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