Ardelyx, Inc. (NASDAQ:ARDX) Short Interest Up 20.0% in April

Ardelyx, Inc. (NASDAQ:ARDXGet Rating) was the target of a significant growth in short interest in April. As of April 30th, there was short interest totalling 11,540,000 shares, a growth of 20.0% from the April 15th total of 9,620,000 shares. Based on an average daily volume of 3,620,000 shares, the short-interest ratio is presently 3.2 days.

A number of research analysts recently commented on the company. StockNews.com began coverage on Ardelyx in a research note on Thursday, March 31st. They set a “sell” rating for the company. Zacks Investment Research downgraded shares of Ardelyx from a “buy” rating to a “hold” rating in a report on Tuesday, May 3rd. Cantor Fitzgerald cut shares of Ardelyx from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $7.00 to $1.00 in a report on Friday, May 6th. Jefferies Financial Group raised Ardelyx from a “hold” rating to a “buy” rating and increased their price objective for the stock from $1.00 to $5.00 in a research note on Wednesday, March 2nd. Finally, Wedbush reduced their price objective on Ardelyx from $2.00 to $1.00 in a research report on Tuesday, March 1st. One analyst has rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $4.84.

NASDAQ ARDX opened at $0.69 on Wednesday. The stock’s 50-day moving average is $0.91 and its 200-day moving average is $0.97. The firm has a market cap of $100.35 million, a P/E ratio of -0.50 and a beta of 1.84. Ardelyx has a one year low of $0.58 and a one year high of $2.15.

Ardelyx (NASDAQ:ARDXGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The biopharmaceutical company reported ($0.21) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.22) by $0.01. Ardelyx had a negative net margin of 3,843.36% and a negative return on equity of 163.07%. During the same period last year, the company posted ($0.34) EPS. As a group, analysts anticipate that Ardelyx will post -0.72 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Invesco Ltd. raised its stake in Ardelyx by 93.6% during the second quarter. Invesco Ltd. now owns 32,482 shares of the biopharmaceutical company’s stock worth $247,000 after buying an additional 15,703 shares during the last quarter. Squarepoint Ops LLC bought a new position in Ardelyx in the 3rd quarter valued at $29,000. Allspring Global Investments Holdings LLC bought a new stake in shares of Ardelyx in the 4th quarter worth approximately $26,000. Barclays PLC lifted its holdings in Ardelyx by 213.2% during the third quarter. Barclays PLC now owns 37,217 shares of the biopharmaceutical company’s stock valued at $49,000 after purchasing an additional 25,333 shares during the last quarter. Finally, Jump Financial LLC lifted its holdings in shares of Ardelyx by 249.9% in the third quarter. Jump Financial LLC now owns 39,500 shares of the biopharmaceutical company’s stock worth $52,000 after buying an additional 28,212 shares in the last quarter. Institutional investors own 32.35% of the company’s stock.

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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