Ardelyx, Inc. (NASDAQ:ARDX) Downgraded to “Hold” at Zacks Investment Research
Ardelyx, Inc. (NASDAQ:ARDX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Ardelyx, Inc. is a clinical-stage biopharmaceutical company. It discovers, develops and commercializes small molecule therapeutics that work in the gastrointestinal tract to treat cardio-renal, GI and metabolic diseases. The Company’s lead product candidate is Tenapanor which is in three ongoing Phase II clinical trials for the treatment of patients with ESRD-HD and chronic kidney disease, as well as for constipation-predominant irritable bowel syndrome. Ardelyx, Inc. is headquartered in Fremont, California. “
Several other analysts have also recently commented on ARDX. BTIG Research dropped their price target on Ardelyx from $18.00 to $12.00 and set a “buy” rating for the company in a research report on Tuesday, May 23rd. ValuEngine cut Ardelyx from a “sell” rating to a “strong sell” rating in a research report on Friday, June 2nd. Cantor Fitzgerald reiterated a “buy” rating and set a $12.00 price target on shares of Ardelyx in a research report on Wednesday, May 31st. Citigroup Inc. restated a “buy” rating and issued a $12.00 target price (down from $17.00) on shares of Ardelyx in a report on Monday, May 15th. Finally, BidaskClub upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $14.13.
Shares of Ardelyx (NASDAQ:ARDX) traded down 6.90% during midday trading on Tuesday, reaching $5.40. 205,759 shares of the company’s stock were exchanged. The stock’s market cap is $255.88 million. Ardelyx has a one year low of $4.05 and a one year high of $16.30. The company’s 50-day moving average is $5.40 and its 200-day moving average is $11.21.
Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Friday, May 5th. The biopharmaceutical company reported ($0.59) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.65) by $0.06. Equities analysts expect that Ardelyx will post ($2.46) earnings per share for the current fiscal year.
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A number of institutional investors have recently bought and sold shares of the company. Perceptive Advisors LLC raised its position in Ardelyx by 2.7% in the first quarter. Perceptive Advisors LLC now owns 1,886,196 shares of the biopharmaceutical company’s stock valued at $23,860,000 after buying an additional 50,000 shares during the last quarter. Vanguard Group Inc. raised its position in Ardelyx by 4.0% in the first quarter. Vanguard Group Inc. now owns 1,229,557 shares of the biopharmaceutical company’s stock valued at $15,554,000 after buying an additional 47,853 shares during the last quarter. MARSHALL WACE ASIA Ltd purchased a new position in Ardelyx during the first quarter valued at about $10,276,000. Marshall Wace North America L.P. purchased a new position in Ardelyx during the first quarter valued at about $10,276,000. Finally, State Street Corp raised its position in Ardelyx by 14.9% in the fourth quarter. State Street Corp now owns 462,228 shares of the biopharmaceutical company’s stock valued at $6,565,000 after buying an additional 59,813 shares during the last quarter. 83.62% of the stock is currently 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.
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