Ardelyx, Inc. (NASDAQ:ARDX) was downgraded by equities researchers at ValuEngine from a “sell” rating to a “strong sell” rating in a research report issued to clients and investors on Friday, June 2nd.

Several other brokerages have also recently issued reports on ARDX. Wedbush restated an “outperform” rating and set a $24.00 price objective on shares of Ardelyx in a research note on Wednesday, February 15th. Citigroup Inc. restated a “buy” rating and set a $12.00 price objective (down previously from $17.00) on shares of Ardelyx in a research note on Monday, May 15th. Zacks Investment Research upgraded Ardelyx from a “sell” rating to a “hold” rating in a research note on Thursday, May 11th. Cantor Fitzgerald restated an “overweight” rating and set a $12.00 price objective (down previously from $19.00) on shares of Ardelyx in a research note on Friday, May 19th. Finally, BTIG Research cut their price objective on Ardelyx from $18.00 to $12.00 and set a “buy” rating on the stock in a research note on Tuesday, May 23rd. One analyst has rated the stock with a sell rating and six have issued a buy rating to the company. Ardelyx has a consensus rating of “Buy” and an average price target of $14.13.

Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

Ardelyx (ARDX) traded up 4.44% on Friday, reaching $4.70. The company’s stock had a trading volume of 961,315 shares. The firm’s 50 day moving average price is $8.48 and its 200-day moving average price is $12.15. Ardelyx has a 52 week low of $4.05 and a 52 week high of $16.30. The company’s market capitalization is $222.71 million.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Friday, May 5th. The biopharmaceutical company reported ($0.59) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.65) by $0.06. On average, equities analysts predict that Ardelyx will post ($2.46) EPS for the current year.

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Institutional investors have recently modified their holdings of the stock. KCG Holdings Inc. purchased a new position in shares of Ardelyx during the first quarter worth about $127,000. Bank of America Corp DE raised its stake in Ardelyx by 52.6% in the first quarter. Bank of America Corp DE now owns 10,612 shares of the biopharmaceutical company’s stock valued at $134,000 after buying an additional 3,659 shares in the last quarter. Alliancebernstein L.P. raised its stake in Ardelyx by 7.9% in the first quarter. Alliancebernstein L.P. now owns 13,700 shares of the biopharmaceutical company’s stock valued at $173,000 after buying an additional 1,000 shares in the last quarter. American International Group Inc. raised its stake in Ardelyx by 43.8% in the first quarter. American International Group Inc. now owns 18,926 shares of the biopharmaceutical company’s stock valued at $239,000 after buying an additional 5,765 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new stake in Ardelyx during the fourth quarter valued at $258,000. 83.66% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Company Profile

Ardelyx, Inc is a clinical-stage biopharmaceutical company. The Company’s therapeutics focuses on addressing cardiorenal and gastrointestinal (GI) diseases. It operates through the research, development and commercialization of biopharmaceutical products segment. The Company’s products line includes cardiorenal portfolio and gastrointestinal portfolio.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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