Zacks Investment Research downgraded shares of Ardelyx, Inc. (NASDAQ:ARDX) from a buy rating to a hold rating in a research note published on Tuesday, July 18th.
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. “
Several other equities analysts have also recently weighed in on ARDX. ValuEngine cut Ardelyx from a sell rating to a strong sell rating in a report on Friday, June 2nd. Cantor Fitzgerald reissued a buy rating and set a $12.00 price target on shares of Ardelyx in a report on Wednesday, May 31st. BTIG Research dropped their price target on Ardelyx from $18.00 to $12.00 and set a buy rating for the company in a research report on Tuesday, May 23rd. BidaskClub raised shares of Ardelyx from a sell rating to a hold rating in a research note on Wednesday, July 12th. Finally, Citigroup Inc. reaffirmed a buy rating and set a $12.00 price target (down previously from $17.00) on shares of Ardelyx in a research note on Monday, May 15th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average target price of $14.13.
Ardelyx (NASDAQ ARDX) traded down 2.75% on Tuesday, hitting $5.30. The company had a trading volume of 267,045 shares. The firm’s market capitalization is $251.15 million. Ardelyx has a 12-month low of $4.05 and a 12-month high of $16.30. The firm has a 50-day moving average price of $5.19 and a 200-day moving average price of $10.03.
Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings results on Friday, May 5th. The biopharmaceutical company reported ($0.59) earnings per share for the quarter, topping the consensus estimate of ($0.65) by $0.06. On average, equities research analysts anticipate that Ardelyx will post ($2.46) earnings per share for the current fiscal year.
Several large investors have recently made changes to their positions in ARDX. KCG Holdings Inc. acquired a new position in shares of Ardelyx during the first quarter valued at about $127,000. Bank of America Corp DE increased its position in Ardelyx by 52.6% in the first quarter. Bank of America Corp DE now owns 10,612 shares of the biopharmaceutical company’s stock worth $134,000 after buying an additional 3,659 shares during the period. Spark Investment Management LLC purchased a new position in Ardelyx during the second quarter worth $170,000. Alliancebernstein L.P. increased its position in Ardelyx by 7.9% in the first quarter. Alliancebernstein L.P. now owns 13,700 shares of the biopharmaceutical company’s stock worth $173,000 after buying an additional 1,000 shares during the period. Finally, American International Group Inc. increased its position in Ardelyx by 43.8% in the first quarter. American International Group Inc. now owns 18,926 shares of the biopharmaceutical company’s stock worth $239,000 after buying an additional 5,765 shares during the period. Institutional investors and hedge funds own 83.63% of the company’s stock.
About Ardelyx
Ardelyx, Inc is a clinical-stage biopharmaceutical company. The Company’s therapeutics focuses on addressing cardiorenal and gastrointestinal (GI) diseases. It operates through the research, development and commercialization of biopharmaceutical products segment. The Company’s products line includes cardiorenal portfolio and gastrointestinal portfolio.
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