Ardelyx (NASDAQ:ARDX) was downgraded by research analysts at LADENBURG THALM/SH SH from a “buy” rating to a “neutral” rating in a research report issued to clients and investors on Thursday, The Fly reports.
Several other analysts have also weighed in on the company. Cowen set a $7.70 price objective on Ardelyx and gave the company a “buy” rating in a report on Tuesday, July 20th. Jefferies Financial Group lowered Ardelyx from a “buy” rating to a “hold” rating and cut their price objective for the company from $11.00 to $2.00 in a report on Wednesday, July 21st. Citigroup reduced their target price on Ardelyx from $16.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, July 21st. Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $14.00 to $4.00 in a research report on Tuesday, July 20th. Finally, Wedbush lowered Ardelyx from an “outperform” rating to a “neutral” rating and set a $3.00 price target on the stock. in a research report on Tuesday, July 20th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $7.46.
Shares of NASDAQ ARDX opened at $1.09 on Thursday. Ardelyx has a twelve month low of $1.03 and a twelve month high of $2.31. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $112.40 million, a price-to-earnings ratio of -0.83 and a beta of 1.81. The business has a 50 day simple moving average of $1.38 and a 200-day simple moving average of $4.83.
Institutional investors and hedge funds have recently modified their holdings of the company. Pekin Hardy Strauss Inc. raised its holdings in shares of Ardelyx by 3.8% in the 1st quarter. Pekin Hardy Strauss Inc. now owns 1,636,730 shares of the biopharmaceutical company’s stock worth $10,835,000 after buying an additional 59,426 shares in the last quarter. Congress Asset Management Co. MA acquired a new stake in Ardelyx during the 2nd quarter valued at $2,539,000. Copernicus Capital Management LLC acquired a new stake in Ardelyx during the 1st quarter valued at $331,000. BlackRock Inc. increased its stake in shares of Ardelyx by 1.0% in the 1st quarter. BlackRock Inc. now owns 5,982,776 shares of the biopharmaceutical company’s stock valued at $39,606,000 after buying an additional 60,320 shares during the period. Finally, Thrivent Financial for Lutherans increased its stake in shares of Ardelyx by 17.4% in the 1st quarter. Thrivent Financial for Lutherans now owns 2,434,929 shares of the biopharmaceutical company’s stock valued at $16,119,000 after buying an additional 360,514 shares during the period. 82.04% of the stock is owned by institutional investors and hedge funds.
Ardelyx Company Profile
Ardelyx, Inc is a biopharmaceutical company, which engages in the research, development and commercialization of medicine for the treatment of cardiorenal diseases. Its product portfolio includes tenapanor, which is an experimental medication that works exclusively in the gut and is in late-stage clinical development.
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