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. They currently have $7.75 price objective 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. “
Other equities analysts have also recently issued research reports about the company. BidaskClub cut Ardelyx from a buy rating to a hold rating in a research note on Friday, May 29th. Cowen reaffirmed a buy rating on shares of Ardelyx in a research report on Wednesday, June 17th. Finally, ValuEngine upgraded shares of Ardelyx from a sell rating to a hold rating in a research note on Wednesday, March 18th. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of Buy and a consensus price target of $11.15.
Ardelyx stock opened at $6.60 on Wednesday. Ardelyx has a 52 week low of $2.10 and a 52 week high of $8.81. The company has a debt-to-equity ratio of 0.26, a quick ratio of 9.76 and a current ratio of 9.76. The firm has a market capitalization of $587.38 million, a price-to-earnings ratio of -5.04 and a beta of 2.02. The company has a 50 day moving average price of $7.02 and a 200 day moving average price of $6.91.
Ardelyx (NASDAQ:ARDX) last issued its earnings results on Thursday, May 7th. The biopharmaceutical company reported ($0.25) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.25). The business had revenue of $1.21 million during the quarter, compared to analysts’ expectations of $0.90 million. Ardelyx had a negative return on equity of 77.23% and a negative net margin of 1,403.90%. Equities analysts forecast that Ardelyx will post -1.05 earnings per share for the current fiscal year.
In related news, CEO Michael Raab sold 9,428 shares of the company’s stock in a transaction on Friday, April 17th. The shares were sold at an average price of $7.02, for a total value of $66,184.56. Following the completion of the sale, the chief executive officer now directly owns 208,057 shares in the company, valued at $1,460,560.14. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director David M. Mott bought 4,673 shares of the stock in a transaction on Monday, June 22nd. The shares were acquired at an average cost of $6.75 per share, for a total transaction of $31,542.75. The disclosure for this purchase can be found here. In the last three months, insiders sold 202,875 shares of company stock valued at $1,390,420. 15.31% of the stock is currently owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in ARDX. Algert Global LLC raised its stake in shares of Ardelyx by 319.9% in the 4th quarter. Algert Global LLC now owns 100,996 shares of the biopharmaceutical company’s stock valued at $758,000 after acquiring an additional 76,942 shares in the last quarter. BlackRock Inc. grew its holdings in Ardelyx by 22.3% during the first quarter. BlackRock Inc. now owns 5,190,309 shares of the biopharmaceutical company’s stock valued at $29,507,000 after purchasing an additional 947,947 shares during the last quarter. Ameritas Investment Partners Inc. raised its position in shares of Ardelyx by 60.4% in the first quarter. Ameritas Investment Partners Inc. now owns 5,443 shares of the biopharmaceutical company’s stock valued at $31,000 after purchasing an additional 2,050 shares during the period. State Street Corp raised its position in shares of Ardelyx by 30.0% in the first quarter. State Street Corp now owns 1,152,629 shares of the biopharmaceutical company’s stock valued at $6,553,000 after purchasing an additional 266,221 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of Ardelyx by 225.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 299,625 shares of the biopharmaceutical company’s stock worth $2,248,000 after buying an additional 207,426 shares during the last quarter. Institutional investors own 86.08% of the company’s stock.
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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