IRWD - Ironwood Pharmaceuticals gains amid activist speculation

2023-04-13 11:00:54 ET

• Ironwood Pharmaceuticals ( NASDAQ: IRWD ) rose 3.4% amid speculation about an activist investor in the gastro intestinal drug company.
• Gordon Haskett in a note on Thursday highlighted that Ironwood ( IRWD ) announced Tuesday that its COO Jason Rickar d would be leaving in May. Ironwood said that Rickard's role elimination is not due to any disagreement on any matter relating to operations, policies or practices.
• The departure is a bit curious since Ironwood's CEO is 65 years old and Gordon Haskett's Don Bilson wonders why the No. 2 would leave when potentially the CEO could be looking to retire at some point.
• Activist investor Sarissa Capital, led by Alex Denner, has been pushing for changes at Ironwood since disclosing a stake in 2019. Denner was added to Sarissa's board in November 2020.

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