Craig-Hallum upgrades Ironwood to Buy following 2026 guidance

As previously reported, Craig-Hallum upgraded Ironwood (IRWD) to Buy from Hold with a price target of $5.70, up from $3.80. While the firm is “unfortunately a little late to the party,” Craig-Hallum is upgrading shares as the model now points to Ironwood being able to retire its entire debt balance, fund the apraglutide Phase 3, and have about $300M in cash by Linzess loss of exclusivity in April 2029. The driver of the large changes to its model was the update the company provided on January 2, which included a 2025 update, but more importantly, 2026, Craig-Hallum adds.