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

Posted by on Jun 24th, 2022

StockNews.com cut shares of Ardelyx (NASDAQ:ARDX – Get Rating) from a hold rating to a sell rating in a research report sent to investors on Thursday morning.

Other research analysts also recently issued research reports about the company. Piper Sandler lowered their target price on Ardelyx from $4.00 to $3.00 and set a neutral rating on the stock in a research note on Wednesday, May 18th. Cantor Fitzgerald downgraded Ardelyx from an overweight rating to a neutral rating and lowered their target price for the company from $7.00 to $1.00 in a research note on Friday, May 6th. Jefferies Financial Group upgraded Ardelyx from a hold rating to a buy rating and boosted their target price for the company from $1.00 to $5.00 in a research note on Wednesday, March 2nd. Finally, Wedbush lowered their target price on Ardelyx from $2.00 to $1.00 in a research note on Tuesday, March 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Ardelyx presently has an average rating of Hold and an average price target of $5.24.

Shares of ARDX stock opened at $0.60 on Thursday. Ardelyx has a 1-year low of $0.49 and a 1-year high of $2.15. The company has a market capitalization of $86.66 million, a price-to-earnings ratio of -0.43 and a beta of 1.86. The stock’s fifty day simple moving average is $0.70 and its 200-day simple moving average is $0.88.

Ardelyx (NASDAQ:ARDX – Get Rating) last issued its quarterly earnings results on Thursday, May 5th. The biopharmaceutical company reported ($0.21) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.20) by ($0.01). Ardelyx had a negative net margin of 3,843.36% and a negative return on equity of 177.07%. The business had revenue of $0.47 million for the quarter, compared to analysts’ expectations of $0.25 million. During the same quarter in the prior year, the firm posted ($0.34) EPS. On average, analysts anticipate that Ardelyx will post -0.72 EPS for the current fiscal year.

In related news, insider Susan Rodriguez sold 43,920 shares of the business’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $0.65, for a total transaction of $28,548.00. Following the completion of the transaction, the insider now owns 289,593 shares of the company’s stock, valued at approximately $188,235.45. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Justin A. Renz sold 73,312 shares of the business’s stock in a transaction dated Monday, June 6th. The stock was sold at an average price of $0.65, for a total value of $47,652.80. Following the transaction, the chief financial officer now directly owns 262,047 shares of the company’s stock, valued at approximately $170,330.55. The disclosure for this sale can be found here. Insiders have sold a total of 229,997 shares of company stock valued at $149,681 in the last three months. 5.95% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its stake in Ardelyx by 1,071.8% during the first quarter. Bank of America Corp DE now owns 492,666 shares of the biopharmaceutical company’s stock valued at $527,000 after acquiring an additional 450,623 shares during the period. Worth Venture Partners LLC increased its stake in Ardelyx by 39.4% during the first quarter. Worth Venture Partners LLC now owns 768,036 shares of the biopharmaceutical company’s stock valued at $822,000 after acquiring an additional 217,061 shares during the period. Mirabella Financial Services LLP bought a new stake in shares of Ardelyx in the 1st quarter valued at approximately $51,000. Great Point Partners LLC bought a new stake in shares of Ardelyx in the 1st quarter valued at approximately $5,095,000. Finally, State Street Corp grew its stake in shares of Ardelyx by 7.0% in the 1st quarter. State Street Corp now owns 2,127,557 shares of the biopharmaceutical company’s stock valued at $2,276,000 after purchasing an additional 139,484 shares during the period. Hedge funds and other 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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