Zacks Investment Research upgraded shares of Ironwood Pharmaceuticals, Inc. (IRWD) from NEUTRAL to OUTPERFORM on October 16, 2013, with a target price of $13.00.
We are initiating coverage on Ironwood with an Outperform recommendation and a target price of $13.00. Linzess' approval for irritable bowel syndrome with constipation (IBS-C) or chronic idiopathic constipation (CIC) was a major milestone for the company. We are encouraged by Ironwood's efforts to expand Linzess' label to include other indications such as opioid-induced constipation. We are also positive on Ironwood's partnerships with big pharma companies for the development and commercialization of Linzess in different territories. We believe that the company is well positioned to gain share in the IBS-C market. Based on these factors, we believe the current price represents an attractive entry point for long term investors.
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