Ardelyx (NASDAQ:ARDX) Downgraded to “Sell” at StockNews.com

Ardelyx (NASDAQ:ARDX) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued on Friday.

Several other equities analysts also recently issued reports on ARDX. SVB Leerink began coverage on shares of Ardelyx in a report on Friday, April 5th. They set an “outperform” rating and a $14.00 price objective on the stock. Citigroup upped their price objective on Ardelyx from $13.00 to $14.00 and gave the stock a “buy” rating in a research report on Friday, May 3rd. Leerink Partnrs restated an “outperform” rating on shares of Ardelyx in a research report on Friday, April 5th. Piper Sandler restated an “overweight” rating and issued a $15.00 price objective on shares of Ardelyx in a research report on Friday, May 24th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research report on Thursday, June 20th. One equities research analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Ardelyx currently has an average rating of “Moderate Buy” and a consensus target price of $12.81.

Ardelyx Trading Up 14.0 %

Shares of ARDX traded up $0.91 during trading hours on Friday, reaching $7.41. 11,925,303 shares of the company traded hands, compared to its average volume of 5,638,309. The firm has a market cap of $1.72 billion, a price-to-earnings ratio of -26.46 and a beta of 0.79. Ardelyx has a 12-month low of $3.16 and a 12-month high of $10.13. The company has a current ratio of 4.53, a quick ratio of 4.36 and a debt-to-equity ratio of 0.66. The stock’s fifty day moving average price is $7.00 and its 200 day moving average price is $7.60.

Ardelyx (NASDAQ:ARDX) last announced its earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The business had revenue of $46.00 million during the quarter, compared to the consensus estimate of $36.40 million. Ardelyx had a negative net margin of 41.36% and a negative return on equity of 41.65%. The firm’s revenue was up 303.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.13) earnings per share. Sell-side analysts forecast that Ardelyx will post -0.36 earnings per share for the current year.

Insider Activity at Ardelyx

In other Ardelyx news, insider Laura A. Williams sold 39,949 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $8.35, for a total value of $333,574.15. Following the completion of the sale, the insider now directly owns 370,189 shares of the company’s stock, valued at approximately $3,091,078.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Ardelyx news, insider Robert Blanks sold 38,000 shares of the firm’s stock in a transaction on Friday, June 21st. The stock was sold at an average price of $5.96, for a total value of $226,480.00. Following the completion of the sale, the insider now directly owns 324,331 shares of the company’s stock, valued at approximately $1,933,012.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Laura A. Williams sold 39,949 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $8.35, for a total value of $333,574.15. Following the transaction, the insider now owns 370,189 shares of the company’s stock, valued at $3,091,078.15. The disclosure for this sale can be found here. In the last ninety days, insiders sold 535,637 shares of company stock valued at $4,128,322. 5.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Ardelyx

Hedge funds have recently modified their holdings of the business. HighMark Wealth Management LLC purchased a new position in shares of Ardelyx during the 1st quarter worth $36,000. Newbridge Financial Services Group Inc. purchased a new position in shares of Ardelyx during the 1st quarter worth $64,000. SJS Investment Consulting Inc. purchased a new position in shares of Ardelyx during the 4th quarter worth $62,000. Jump Financial LLC purchased a new position in shares of Ardelyx during the 4th quarter worth $63,000. Finally, Paloma Partners Management Co purchased a new position in Ardelyx during the 1st quarter valued at about $86,000. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

Ardelyx Company Profile

Ardelyx, Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas in the United States and internationally. The company's lead product candidate is tenapanor for the treatment of patients with irritable bowel syndrome with constipation.