Zacks Investment Research upgraded shares of Ardelyx (NASDAQ:ARDX) from a hold rating to a buy rating in a report published on Wednesday, Zacks.com reports. The firm currently has $7.75 target price on the biopharmaceutical company’s stock.
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 also recently issued reports on ARDX. ValuEngine upgraded Ardelyx from a sell rating to a hold rating in a report on Wednesday, March 18th. BidaskClub downgraded Ardelyx from a buy rating to a hold rating in a report on Friday, May 29th. Finally, Cowen restated a buy rating on shares of Ardelyx in a research note on Wednesday, June 17th. Three analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Ardelyx currently has a consensus rating of Buy and a consensus price target of $11.15.
Shares of NASDAQ ARDX opened at $6.42 on Wednesday. Ardelyx has a 12-month low of $2.10 and a 12-month high of $8.81. The company has a current ratio of 9.76, a quick ratio of 9.76 and a debt-to-equity ratio of 0.26. The stock has a fifty day moving average price of $7.02 and a 200 day moving average price of $6.91.
Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.25) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.25). Ardelyx had a negative return on equity of 77.23% and a negative net margin of 1,403.90%. The firm had revenue of $1.21 million during the quarter, compared to the consensus estimate of $0.90 million. On average, equities analysts expect that Ardelyx will post -1.05 earnings per share for the current fiscal year.
In other Ardelyx news, Director David M. Mott bought 4,673 shares of the stock in a transaction dated Monday, June 22nd. The stock was bought at an average cost of $6.75 per share, for a total transaction of $31,542.75. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Michael Raab sold 9,428 shares of the firm’s stock in a transaction dated Friday, April 17th. The shares were sold at an average price of $7.02, for a total value of $66,184.56. Following the sale, the chief executive officer now owns 208,057 shares of the company’s stock, valued at $1,460,560.14. The disclosure for this sale can be found here. Insiders have sold 202,875 shares of company stock valued at $1,390,420 over the last 90 days. Insiders own 15.31% of the company’s stock.
Several hedge funds have recently modified their holdings of ARDX. RA Capital Management L.P. bought a new position in shares of Ardelyx during the fourth quarter worth about $40,218,000. Marshall Wace LLP bought a new position in shares of Ardelyx during the fourth quarter worth about $8,606,000. BlackRock Inc. lifted its position in shares of Ardelyx by 22.3% during the first quarter. BlackRock Inc. now owns 5,190,309 shares of the biopharmaceutical company’s stock worth $29,507,000 after purchasing an additional 947,947 shares during the last quarter. Ikarian Capital LLC lifted its position in shares of Ardelyx by 126.5% during the first quarter. Ikarian Capital LLC now owns 1,462,234 shares of the biopharmaceutical company’s stock worth $8,313,000 after purchasing an additional 816,798 shares during the last quarter. Finally, Morgan Stanley lifted its position in shares of Ardelyx by 460.7% during the first quarter. Morgan Stanley now owns 681,148 shares of the biopharmaceutical company’s stock worth $3,872,000 after purchasing an additional 559,666 shares during the last quarter. 86.08% of the stock is currently owned by institutional investors and hedge funds.
Ardelyx Company Profile
Ardelyx, Inc, a biopharmaceutical company, develops and sells medicines for the treatment of cardiorenal diseases in the United States and internationally. The company's lead product candidate is tenapanor, which has completed Phase 3 clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase 3 clinical trial for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis.
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