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

StockNews.com downgraded shares of Ardelyx (NASDAQ:ARDX) from a hold rating to a sell rating in a report released on Friday morning.

Other research analysts have also issued research reports about the company. SVB Leerink started coverage on Ardelyx in a research report on Friday, April 5th. They set an outperform rating and a $14.00 price target on the stock. Leerink Partnrs reaffirmed an outperform rating on shares of Ardelyx in a report on Friday, April 5th. Cantor Fitzgerald reiterated an overweight rating on shares of Ardelyx in a research note on Thursday, June 20th. Wedbush restated an outperform rating and issued a $15.00 price objective on shares of Ardelyx in a research note on Friday, May 24th. Finally, Citigroup increased their target price on shares of Ardelyx from $13.00 to $14.00 and gave the stock a buy rating in a research note on Friday, May 3rd. One analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Ardelyx presently has an average rating of Moderate Buy and a consensus target price of $12.81.

Ardelyx Trading Up 14.0 %

NASDAQ ARDX opened at $7.41 on Friday. The firm’s fifty day moving average price is $7.00 and its 200 day moving average price is $7.64. Ardelyx has a 12 month low of $3.16 and a 12 month high of $10.13. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.53 and a quick ratio of 4.36. The company has a market capitalization of $1.72 billion, a price-to-earnings ratio of -26.46 and a beta of 0.79.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $46.00 million for the quarter, compared to analyst estimates of $36.40 million. During the same quarter last year, the company posted ($0.13) earnings per share. The business’s quarterly revenue was up 303.5% compared to the same quarter last year. On average, sell-side analysts expect that Ardelyx will post -0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider Robert Ora Felsch sold 207,988 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $8.81, for a total value of $1,832,374.28. Following the completion of the sale, the insider now directly owns 95,947 shares of the company’s stock, valued at approximately $845,293.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Robert Ora Felsch sold 207,988 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $8.81, for a total value of $1,832,374.28. Following the completion of the sale, the insider now owns 95,947 shares in the company, valued at $845,293.07. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Raab sold 7,500 shares of the business’s stock in a transaction dated Monday, April 15th. The stock was sold at an average price of $7.06, for a total transaction of $52,950.00. Following the sale, the chief executive officer now directly owns 1,310,933 shares in the company, valued at approximately $9,255,186.98. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 534,119 shares of company stock worth $4,117,225. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Several hedge funds have recently bought and sold shares of ARDX. HighMark Wealth Management LLC acquired a new stake in Ardelyx in the first quarter valued at $36,000. SJS Investment Consulting Inc. purchased a new position in Ardelyx during the 4th quarter valued at about $62,000. Sherbrooke Park Advisers LLC purchased a new stake in shares of Ardelyx in the third quarter valued at about $63,000. Jump Financial LLC acquired a new stake in shares of Ardelyx in the fourth quarter valued at approximately $63,000. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of Ardelyx during the 1st quarter worth approximately $64,000. 58.92% of the stock is owned by hedge funds and other institutional investors.

About Ardelyx

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.