Wells Fargo analyst David Maris views Ironwood Pharmaceuticals' Phase IIb data evaluating IW-3718 in adult patients with uncontrolled gastroesophageal reflux disease as "OK, but impressive." While the trial met is primary endpoint, Ironwood released data only for the highest dose, 1500 mg, and not the 1000 mg or 500 mg doses, Maris tells investors in a researhc note. Further, he notes that heartburn severity in IW-3718 patients was 12 percentage points below the PPI alone. Maris believes yesterday's 8% share decline "is appropriate" and he dropped his price target for the shares to $19 from $21.50. The analyst keeps an Outperform rating on Ironwood.