Ardelyx (NASDAQ:ARDX) Upgraded to “Hold” at StockNews.com

StockNews.com upgraded shares of Ardelyx (NASDAQ:ARDXFree Report) from a sell rating to a hold rating in a research report released on Thursday morning.

Other equities research analysts have also recently issued reports about the company. Citigroup raised their target price on Ardelyx from $13.00 to $14.00 and gave the company a buy rating in a research report on Friday, May 3rd. Leerink Partnrs reiterated an outperform rating on shares of Ardelyx in a report on Friday, April 5th. SVB Leerink began coverage on Ardelyx in a report on Friday, April 5th. They issued an outperform rating and a $14.00 price objective on the stock. Wedbush reiterated an outperform rating and issued a $15.00 price objective on shares of Ardelyx in a report on Friday, May 24th. Finally, Piper Sandler reiterated an overweight rating and issued a $15.00 price objective on shares of Ardelyx in a report on Friday, May 24th. One investment analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Buy and an average target price of $12.81.

Get Our Latest Report on ARDX

Ardelyx Price Performance

NASDAQ:ARDX opened at $6.74 on Thursday. Ardelyx has a 52 week low of $3.16 and a 52 week high of $10.13. The company has a quick ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $1.57 billion, a PE ratio of -24.07 and a beta of 0.79. The stock’s 50-day moving average price is $7.23 and its 200-day moving average price is $7.42.

Ardelyx (NASDAQ:ARDXGet Free Report) last posted its earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Ardelyx had a negative return on equity of 41.65% and a negative net margin of 41.36%. The firm had revenue of $46.00 million for the quarter, compared to analysts’ expectations of $36.40 million. During the same period last year, the firm earned ($0.13) EPS. The company’s quarterly revenue was up 303.5% on a year-over-year basis. As a group, equities analysts expect that Ardelyx will post -0.36 EPS for the current fiscal year.

Insider Transactions at Ardelyx

In other news, CEO Michael Raab sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $6.40, for a total transaction of $192,000.00. Following the transaction, the chief executive officer now directly owns 1,310,933 shares in the company, valued at approximately $8,389,971.20. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CEO Michael Raab sold 30,000 shares of Ardelyx stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $6.40, for a total transaction of $192,000.00. Following the sale, the chief executive officer now owns 1,310,933 shares of the company’s stock, valued at approximately $8,389,971.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider David P. Rosenbaum sold 17,872 shares of Ardelyx stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $7.00, for a total transaction of $125,104.00. Following the sale, the insider now directly owns 158,502 shares in the company, valued at approximately $1,109,514. The disclosure for this sale can be found here. Insiders have sold a total of 401,327 shares of company stock worth $3,286,249 in the last ninety days. Insiders own 5.50% of the company’s stock.

Institutional Trading of Ardelyx

Several institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Ardelyx by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock valued at $97,761,000 after buying an additional 365,809 shares during the period. Eventide Asset Management LLC raised its position in Ardelyx by 152.5% in the fourth quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock valued at $42,194,000 after purchasing an additional 4,110,494 shares during the period. Rubric Capital Management LP raised its position in Ardelyx by 60.5% in the fourth quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock valued at $24,879,000 after purchasing an additional 1,512,753 shares during the period. Price T Rowe Associates Inc. MD raised its position in Ardelyx by 68.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock valued at $28,572,000 after purchasing an additional 1,584,597 shares during the period. Finally, Adage Capital Partners GP L.L.C. purchased a new stake in Ardelyx in the third quarter valued at approximately $9,384,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

About Ardelyx

(Get Free Report)

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 for the treatment of patients with irritable bowel syndrome with constipation.

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Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

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