Ardelyx (NASDAQ:ARDX) Downgraded to “Strong Sell” Rating by Zacks Research

Ardelyx (NASDAQ:ARDX) was downgraded by analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Wednesday,Zacks.com reports.

Several other analysts have also commented on the company. Weiss Ratings lowered Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. LADENBURG THALM/SH SH initiated coverage on Ardelyx in a report on Tuesday, June 16th. They issued a “buy” rating and a $16.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $15.73.

Ardelyx Trading Up 1.0%

NASDAQ ARDX opened at $5.13 on Wednesday. Ardelyx has a 1 year low of $4.07 and a 1 year high of $8.40. The company has a debt-to-equity ratio of 1.37, a current ratio of 3.49 and a quick ratio of 3.28. The company has a market capitalization of $1.27 billion, a PE ratio of -22.30 and a beta of 0.61. The company has a fifty day moving average of $5.65 and a 200 day moving average of $6.21.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, April 30th. The biopharmaceutical company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.13) by ($0.02). The company had revenue of $94.47 million for the quarter, compared to analyst estimates of $92.78 million. Ardelyx had a negative return on equity of 38.11% and a negative net margin of 13.58%.Ardelyx’s revenue for the quarter was up 27.5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.17) earnings per share. Research analysts forecast that Ardelyx will post -0.08 earnings per share for the current year.

Insider Transactions at Ardelyx

In other news, insider Mike Kelliher sold 7,248 shares of the firm’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $45,444.96. Following the sale, the insider directly owned 357,418 shares in the company, valued at $2,241,010.86. This trade represents a 1.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Eric Duane Foster sold 7,998 shares of Ardelyx stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $50,147.46. Following the completion of the transaction, the insider owned 417,972 shares of the company’s stock, valued at approximately $2,620,684.44. This represents a 1.88% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 24,572 shares of company stock valued at $154,066. Insiders own 5.30% of the company’s stock.

Institutional Trading of Ardelyx

Institutional investors have recently bought and sold shares of the business. First Horizon Corp raised its stake in shares of Ardelyx by 120.4% during the 4th quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company’s stock worth $46,000 after buying an additional 4,319 shares during the period. Swiss Life Asset Management Ltd acquired a new stake in Ardelyx in the 3rd quarter valued at $57,000. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Ardelyx in the 4th quarter worth $60,000. State of Wyoming purchased a new stake in Ardelyx in the 2nd quarter worth $61,000. Finally, PVG Asset Management Corp acquired a new position in Ardelyx during the first quarter worth $65,000. 58.92% of the stock is owned by institutional investors and hedge funds.

Ardelyx Company Profile

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.