Ardelyx (NASDAQ:ARDX) Downgraded by StockNews.com to Sell

Ardelyx (NASDAQ:ARDXGet Rating) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

Several other research firms have also issued reports on ARDX. Piper Sandler dropped their price objective on Ardelyx from $4.00 to $3.00 and set a “neutral” rating for the company in a research note on Wednesday, May 18th. Wedbush dropped their price objective on Ardelyx from $2.00 to $1.00 in a research note on Tuesday, March 1st. Cantor Fitzgerald lowered Ardelyx from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $7.00 to $1.00 in a research note on Friday, May 6th. Finally, Jefferies Financial Group upgraded Ardelyx from a “hold” rating to a “buy” rating and raised their price target for the company from $1.00 to $5.00 in a report on Wednesday, March 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $5.24.

Ardelyx stock traded down $0.01 during midday trading on Thursday, hitting $0.60. The company’s stock had a trading volume of 7,719,611 shares, compared to its average volume of 3,266,793. The stock’s 50-day moving average price is $0.70 and its 200-day moving average price is $0.88. The company has a market capitalization of $86.66 million, a PE ratio of -0.43 and a beta of 1.86. Ardelyx has a 12 month low of $0.49 and a 12 month high of $2.15.

Ardelyx (NASDAQ:ARDXGet Rating) last released its earnings results on Thursday, May 5th. The biopharmaceutical company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.20) by ($0.01). The business had revenue of $0.47 million for the quarter, compared to analysts’ expectations of $0.25 million. Ardelyx had a negative net margin of 3,843.36% and a negative return on equity of 177.07%. During the same period last year, the firm earned ($0.34) EPS. As a group, equities analysts predict that Ardelyx will post -0.72 EPS for the current fiscal year.

In related news, insider Susan Rodriguez sold 43,920 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $0.65, for a total transaction of $28,548.00. Following the transaction, the insider now directly owns 289,593 shares of the company’s stock, valued at approximately $188,235.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Justin A. Renz sold 73,312 shares of the business’s stock in a transaction that occurred on Monday, June 6th. The stock was sold at an average price of $0.65, for a total value of $47,652.80. Following the transaction, the chief financial officer now directly owns 262,047 shares in the company, valued at $170,330.55. The disclosure for this sale can be found here. Insiders have sold a total of 229,997 shares of company stock worth $149,681 in the last ninety days. Insiders own 5.95% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of ARDX. Allspring Global Investments Holdings LLC purchased a new position in shares of Ardelyx during the fourth quarter worth about $26,000. Geode Capital Management LLC raised its holdings in shares of Ardelyx by 22.4% during the third quarter. Geode Capital Management LLC now owns 1,768,308 shares of the biopharmaceutical company’s stock valued at $2,334,000 after acquiring an additional 323,910 shares in the last quarter. Centiva Capital LP bought a new position in shares of Ardelyx during the third quarter valued at approximately $38,000. Point72 Hong Kong Ltd bought a new position in shares of Ardelyx during the third quarter valued at approximately $61,000. Finally, Squarepoint Ops LLC bought a new position in Ardelyx in the third quarter worth $29,000. 32.35% of the stock is currently owned by hedge funds and other institutional investors.

Ardelyx Company Profile (Get Rating)

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, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial to control serum phosphorus in adult patients with chronic kidney disease (CKD)on dialysis, or hyperphosphatemia.

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Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

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