BTIG Sees Opportunity in Ironwood Pharma (IRWD) Weakness; Affirms at 'Buy'
BTIG affirms its Buy rating and $15 price target on Ironwood Pharmaceuticals (Nasdaq: IRWD) following IRWD's Q4 results issued Thursday night.
Analyst Timothy Chiang noted that IRWD's Q4 included $53.3 million of collaboration revenue (vs. our $44 million estimate) and a loss per share of ($0.10) vs. our loss of ($0.20) estimate. In sum, we think recent share price weakness presents a buying opportunity; as well, pipeline visibility is improving, and Linzess (for the treatment of IBS-C and CIC) is seeing a steady ramp.
Looking ahead, Chiang said, In 20ƒn16, we expect the Company to file an sNDA for its 72 mcg linaclotide by 1H16, with additional data readouts on its colonic release form in 2H16 (currently in Phase 2b). In addition, Ironwood expects to enter Phase 2b trials with its refractory GERD treatment (IW-3718) shortly. On top of that, the Company also has its sGC stimulators (IW-1973 and 1701), both of which are promising candidates for the treatment of a number of vascular and fibrotic diseases. Ironwood has assembled a solid pipeline of product candidates, which should drive meaningful value.
For an analyst ratings summary and ratings history on Ironwood Pharmaceuticals click here. For more ratings news on Ironwood Pharmaceuticals click here.