Intrinsic value of Ironwood Pharmaceuticals Cl A - IRWD

Previous Close

$11.44

  Intrinsic Value

$0.00

stock screener

  Rating & Target

str. sell

-100%

Previous close

$11.44

 
Intrinsic value

$0.00

 
Up/down potential

-100%

 
Rating

str. sell

We calculate the intrinsic value of IRWD stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  24.60
  22.64
  20.88
  19.29
  17.86
  16.57
  15.42
  14.37
  13.44
  12.59
  11.83
  11.15
  10.54
  9.98
  9.48
  9.04
  8.63
  8.27
  7.94
  7.65
  7.38
  7.14
  6.93
  6.74
  6.56
  6.41
  6.27
  6.14
  6.03
  5.92
Revenue, $m
  372
  456
  551
  657
  775
  903
  1,042
  1,192
  1,352
  1,522
  1,703
  1,892
  2,092
  2,301
  2,519
  2,746
  2,983
  3,230
  3,487
  3,753
  4,030
  4,318
  4,618
  4,929
  5,252
  5,589
  5,939
  6,304
  6,684
  7,079
Variable operating expenses, $m
  425
  518
  622
  739
  868
  1,009
  1,163
  1,327
  1,504
  1,691
  1,873
  2,082
  2,301
  2,531
  2,771
  3,021
  3,282
  3,554
  3,836
  4,129
  4,434
  4,751
  5,080
  5,422
  5,778
  6,148
  6,534
  6,935
  7,353
  7,788
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  425
  518
  622
  739
  868
  1,009
  1,163
  1,327
  1,504
  1,691
  1,873
  2,082
  2,301
  2,531
  2,771
  3,021
  3,282
  3,554
  3,836
  4,129
  4,434
  4,751
  5,080
  5,422
  5,778
  6,148
  6,534
  6,935
  7,353
  7,788
Operating income, $m
  -53
  -62
  -71
  -82
  -94
  -106
  -120
  -135
  -151
  -169
  -170
  -189
  -209
  -230
  -252
  -275
  -299
  -323
  -349
  -376
  -404
  -432
  -462
  -494
  -526
  -560
  -595
  -631
  -669
  -709
EBITDA, $m
  -27
  -33
  -40
  -48
  -57
  -66
  -76
  -87
  -99
  -111
  -124
  -138
  -153
  -168
  -184
  -201
  -218
  -236
  -255
  -274
  -295
  -316
  -337
  -360
  -384
  -408
  -434
  -461
  -488
  -517
Interest expense (income), $m
  24
  38
  28
  39
  51
  64
  79
  94
  112
  131
  150
  172
  194
  218
  243
  269
  296
  324
  354
  384
  416
  450
  484
  520
  557
  596
  636
  678
  722
  767
  815
Earnings before tax, $m
  -91
  -90
  -110
  -133
  -158
  -185
  -215
  -247
  -282
  -319
  -342
  -384
  -427
  -473
  -521
  -571
  -623
  -677
  -734
  -792
  -853
  -917
  -982
  -1,051
  -1,122
  -1,196
  -1,273
  -1,353
  -1,437
  -1,524
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  -91
  -90
  -110
  -133
  -158
  -185
  -215
  -247
  -282
  -319
  -342
  -384
  -427
  -473
  -521
  -571
  -623
  -677
  -734
  -792
  -853
  -917
  -982
  -1,051
  -1,122
  -1,196
  -1,273
  -1,353
  -1,437
  -1,524

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  547
  671
  811
  968
  1,141
  1,330
  1,535
  1,755
  1,991
  2,242
  2,508
  2,787
  3,081
  3,388
  3,710
  4,045
  4,394
  4,757
  5,135
  5,528
  5,936
  6,360
  6,801
  7,259
  7,735
  8,231
  8,747
  9,284
  9,843
  10,426
Adjusted assets (=assets-cash), $m
  547
  671
  811
  968
  1,141
  1,330
  1,535
  1,755
  1,991
  2,242
  2,508
  2,787
  3,081
  3,388
  3,710
  4,045
  4,394
  4,757
  5,135
  5,528
  5,936
  6,360
  6,801
  7,259
  7,735
  8,231
  8,747
  9,284
  9,843
  10,426
Revenue / Adjusted assets
  0.680
  0.680
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
  0.679
Average production assets, $m
  126
  154
  186
  222
  262
  305
  352
  403
  457
  515
  575
  640
  707
  778
  851
  928
  1,008
  1,092
  1,179
  1,269
  1,362
  1,460
  1,561
  1,666
  1,775
  1,889
  2,007
  2,131
  2,259
  2,393
Working capital, $m
  26
  32
  39
  47
  55
  64
  74
  85
  96
  108
  121
  134
  149
  163
  179
  195
  212
  229
  248
  266
  286
  307
  328
  350
  373
  397
  422
  448
  475
  503
Total debt, $m
  301
  413
  539
  680
  835
  1,005
  1,190
  1,388
  1,601
  1,826
  2,065
  2,317
  2,581
  2,858
  3,147
  3,449
  3,763
  4,090
  4,430
  4,783
  5,151
  5,532
  5,929
  6,341
  6,770
  7,216
  7,680
  8,164
  8,667
  9,192
Total liabilities, $m
  493
  604
  730
  871
  1,027
  1,197
  1,381
  1,580
  1,792
  2,018
  2,257
  2,508
  2,773
  3,049
  3,339
  3,640
  3,955
  4,282
  4,622
  4,975
  5,342
  5,724
  6,121
  6,533
  6,962
  7,408
  7,872
  8,355
  8,859
  9,384
Total equity, $m
  55
  67
  81
  97
  114
  133
  153
  176
  199
  224
  251
  279
  308
  339
  371
  404
  439
  476
  514
  553
  594
  636
  680
  726
  774
  823
  875
  928
  984
  1,043
Total liabilities and equity, $m
  548
  671
  811
  968
  1,141
  1,330
  1,534
  1,756
  1,991
  2,242
  2,508
  2,787
  3,081
  3,388
  3,710
  4,044
  4,394
  4,758
  5,136
  5,528
  5,936
  6,360
  6,801
  7,259
  7,736
  8,231
  8,747
  9,283
  9,843
  10,427
Debt-to-equity ratio
  5.500
  6.150
  6.640
  7.020
  7.320
  7.560
  7.750
  7.910
  8.040
  8.150
  8.240
  8.310
  8.380
  8.430
  8.480
  8.530
  8.560
  8.600
  8.630
  8.650
  8.680
  8.700
  8.720
  8.740
  8.750
  8.770
  8.780
  8.790
  8.810
  8.820
Adjusted equity ratio
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -91
  -90
  -110
  -133
  -158
  -185
  -215
  -247
  -282
  -319
  -342
  -384
  -427
  -473
  -521
  -571
  -623
  -677
  -734
  -792
  -853
  -917
  -982
  -1,051
  -1,122
  -1,196
  -1,273
  -1,353
  -1,437
  -1,524
Depreciation, amort., depletion, $m
  26
  28
  31
  34
  37
  40
  44
  48
  53
  57
  46
  51
  57
  62
  68
  74
  81
  87
  94
  101
  109
  117
  125
  133
  142
  151
  161
  170
  181
  191
Funds from operations, $m
  -65
  -62
  -79
  -99
  -120
  -144
  -171
  -199
  -229
  -262
  -296
  -332
  -371
  -411
  -453
  -497
  -542
  -590
  -639
  -691
  -744
  -800
  -858
  -918
  -980
  -1,045
  -1,112
  -1,183
  -1,256
  -1,332
Change in working capital, $m
  5
  6
  7
  8
  8
  9
  10
  11
  11
  12
  13
  13
  14
  15
  15
  16
  17
  18
  18
  19
  20
  20
  21
  22
  23
  24
  25
  26
  27
  28
Cash from operations, $m
  -70
  -68
  -86
  -106
  -129
  -154
  -181
  -210
  -241
  -274
  -309
  -346
  -385
  -426
  -468
  -513
  -559
  -607
  -658
  -710
  -764
  -820
  -879
  -940
  -1,003
  -1,069
  -1,137
  -1,209
  -1,283
  -1,360
Maintenance CAPEX, $m
  -8
  -10
  -12
  -15
  -18
  -21
  -24
  -28
  -32
  -37
  -41
  -46
  -51
  -57
  -62
  -68
  -74
  -81
  -87
  -94
  -101
  -109
  -117
  -125
  -133
  -142
  -151
  -161
  -170
  -181
New CAPEX, $m
  -25
  -28
  -32
  -36
  -40
  -43
  -47
  -51
  -54
  -58
  -61
  -64
  -67
  -71
  -74
  -77
  -80
  -83
  -87
  -90
  -94
  -97
  -101
  -105
  -109
  -114
  -118
  -123
  -128
  -134
Cash from investing activities, $m
  -33
  -38
  -44
  -51
  -58
  -64
  -71
  -79
  -86
  -95
  -102
  -110
  -118
  -128
  -136
  -145
  -154
  -164
  -174
  -184
  -195
  -206
  -218
  -230
  -242
  -256
  -269
  -284
  -298
  -315
Free cash flow, $m
  -103
  -106
  -130
  -157
  -186
  -218
  -252
  -288
  -327
  -368
  -411
  -456
  -503
  -553
  -604
  -658
  -713
  -771
  -832
  -894
  -959
  -1,027
  -1,097
  -1,170
  -1,246
  -1,325
  -1,407
  -1,492
  -1,582
  -1,675
Issuance/(repayment) of debt, $m
  -99
  112
  126
  141
  156
  170
  185
  199
  212
  226
  239
  252
  264
  277
  289
  302
  314
  327
  340
  353
  367
  382
  397
  412
  429
  446
  464
  483
  503
  525
Issuance/(repurchase) of shares, $m
  298
  102
  124
  148
  175
  204
  235
  269
  306
  344
  369
  412
  457
  504
  553
  604
  658
  713
  771
  832
  894
  959
  1,026
  1,097
  1,170
  1,246
  1,325
  1,407
  1,493
  1,582
Cash from financing (excl. dividends), $m  
  199
  214
  250
  289
  331
  374
  420
  468
  518
  570
  608
  664
  721
  781
  842
  906
  972
  1,040
  1,111
  1,185
  1,261
  1,341
  1,423
  1,509
  1,599
  1,692
  1,789
  1,890
  1,996
  2,107
Total cash flow (excl. dividends), $m
  97
  108
  120
  132
  144
  156
  168
  179
  191
  202
  197
  207
  217
  228
  238
  248
  259
  269
  280
  291
  302
  314
  326
  339
  353
  367
  382
  398
  414
  432
Retained Cash Flow (-), $m
  -298
  -102
  -124
  -148
  -175
  -204
  -235
  -269
  -306
  -344
  -369
  -412
  -457
  -504
  -553
  -604
  -658
  -713
  -771
  -832
  -894
  -959
  -1,026
  -1,097
  -1,170
  -1,246
  -1,325
  -1,407
  -1,493
  -1,582
Prev. year cash balance distribution, $m
  162
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  -40
  5
  -4
  -16
  -31
  -48
  -68
  -90
  -115
  -142
  -172
  -204
  -239
  -276
  -315
  -356
  -399
  -444
  -492
  -541
  -592
  -645
  -700
  -757
  -817
  -878
  -943
  -1,009
  -1,078
  -1,150
Discount rate, %
  8.70
  9.14
  9.59
  10.07
  10.57
  11.10
  11.66
  12.24
  12.85
  13.50
  14.17
  14.88
  15.62
  16.41
  17.23
  18.09
  18.99
  19.94
  20.94
  21.98
  23.08
  24.24
  25.45
  26.72
  28.06
  29.46
  30.93
  32.48
  34.11
  35.81
PV of cash for distribution, $m
  -36
  5
  -3
  -11
  -19
  -25
  -31
  -36
  -39
  -40
  -40
  -39
  -36
  -33
  -29
  -25
  -21
  -17
  -13
  -10
  -8
  -5
  -4
  -3
  -2
  -1
  -1
  0
  0
  0
Current shareholders' claim on cash, %
  50.0
  42.1
  35.6
  30.1
  25.5
  21.6
  18.4
  15.6
  13.3
  11.3
  9.7
  8.4
  7.2
  6.2
  5.3
  4.6
  3.9
  3.4
  2.9
  2.5
  2.2
  1.9
  1.6
  1.4
  1.2
  1.0
  0.9
  0.8
  0.7
  0.6

Ironwood Pharmaceuticals, Inc. is a biotechnology company. The Company is advancing product opportunities in areas of unmet need, including irritable bowel syndrome with constipation (IBS C), and chronic idiopathic constipation (CIC), hyperuricemia associated with uncontrolled gout, uncontrolled gastroesophageal reflux disease (uncontrolled GERD), and vascular and fibrotic diseases. It operates in human therapeutics business segment. Its product, linaclotide, is available to adult men and women suffering from IBS C or CIC in the United States under the trademarked name LINZESS, and is available to adult men and women suffering from IBS C in certain European countries under the trademarked name CONSTELLA. It is also advancing IW-3718, a gastric retentive formulation of a bile acid sequestrant with the potential to provide symptomatic relief in patients with uncontrolled GERD. Its vascular/fibrotic programs include IW-1973 and IW-1701, which targets soluble guanylate cyclase (sGC).

FINANCIAL RATIOS  of  Ironwood Pharmaceuticals Cl A (IRWD)

Valuation Ratios
P/E Ratio -20.6
Price to Sales 6.2
Price to Book 25.2
Price to Tangible Book
Price to Cash Flow -67.5
Price to Free Cash Flow -13.1
Growth Rates
Sales Growth Rate 82.7%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 2500%
Cap. Spend. - 3 Yr. Gr. Rate 59.7%
Financial Strength
Quick Ratio 51
Current Ratio 0
LT Debt to Equity 547.8%
Total Debt to Equity 556.7%
Interest Coverage -2
Management Effectiveness
Return On Assets -8.7%
Ret/ On Assets - 3 Yr. Avg. -30%
Return On Total Capital -17.9%
Ret/ On T. Cap. - 3 Yr. Avg. -45.3%
Return On Equity -101.2%
Return On Equity - 3 Yr. Avg. -185.3%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 99.3%
Gross Margin - 3 Yr. Avg. 88.8%
EBITDA Margin -17.2%
EBITDA Margin - 3 Yr. Avg. -99%
Operating Margin -19%
Oper. Margin - 3 Yr. Avg. -103.6%
Pre-Tax Margin -29.9%
Pre-Tax Margin - 3 Yr. Avg. -125.1%
Net Profit Margin -29.9%
Net Profit Margin - 3 Yr. Avg. -125.1%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

IRWD stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the IRWD stock intrinsic value calculation we used $298.276 million for the last fiscal year's total revenue generated by Ironwood Pharmaceuticals Cl A. The default revenue input number comes from 0001 income statement of Ironwood Pharmaceuticals Cl A. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our IRWD stock valuation model: a) initial revenue growth rate of 24.6% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.7%, whose default value for IRWD is calculated based on our internal credit rating of Ironwood Pharmaceuticals Cl A, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Ironwood Pharmaceuticals Cl A.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of IRWD stock the variable cost ratio is equal to 115.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for IRWD stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 9.4% for Ironwood Pharmaceuticals Cl A.

Corporate tax rate of 27% is the nominal tax rate for Ironwood Pharmaceuticals Cl A. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the IRWD stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for IRWD are equal to 33.8%.

Life of production assets of 12.5 years is the average useful life of capital assets used in Ironwood Pharmaceuticals Cl A operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for IRWD is equal to 7.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $9.848 million for Ironwood Pharmaceuticals Cl A - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 137.944 million for Ironwood Pharmaceuticals Cl A is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Ironwood Pharmaceuticals Cl A at the current share price and the inputted number of shares is $1.6 billion.

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COMPANY NEWS

▶ Ironwood: 3Q Earnings Snapshot   [08:25AM  Associated Press]
▶ Novartis May Beat Ironwood Pharmaceuticals to the Punch   [Oct-30-18 09:31PM  Motley Fool]
▶ Ironwood Pharmaceuticals Incs (NASDAQ:IRWD) Profit Outlook   [Oct-12-18 01:15PM  Simply Wall St.]
▶ Ahead of split, Ironwood gets FDA fast track status for heart drug   [Sep-13-18 01:21PM  American City Business Journals]
▶ Ironwood: 2Q Earnings Snapshot   [08:13AM  Associated Press]
▶ Biotech activist Denner loses fight for Ironwood board seat   [11:00AM  American City Business Journals]
▶ Ironwood slams Denner's bid for board seat as proxy fight looms   [10:15AM  American City Business Journals]
▶ [$$] Ironwood Will Separate From Its Rare-Disease Drug Unit After Pressure   [May-01-18 09:45PM  The Wall Street Journal]
▶ Ironwood: 1Q Earnings Snapshot   [10:08AM  Associated Press]
▶ Cambridges Ironwood Pharmaceuticals to split into two businesses   [08:30AM  American City Business Journals]
▶ Ironwood beats Street 4Q forecasts   [Feb-15-18 08:43AM  Associated Press]

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