Ardelyx, Inc. (ARDX) Raised to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Ardelyx, Inc. (NASDAQ:ARDX) from a sell rating to a buy rating in a research report report published on Friday morning. The brokerage currently has $6.50 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 research analysts have also issued reports about the company. Citigroup Inc. upped their price target on Ardelyx from $14.00 to $19.00 and gave the company a buy rating in a research report on Thursday, October 12th. Cantor Fitzgerald set a $12.00 price objective on Ardelyx and gave the stock a buy rating in a research report on Wednesday, August 9th. BidaskClub upgraded Ardelyx from a sell rating to a hold rating in a research report on Wednesday, August 23rd. Leerink Swann reiterated an outperform rating and issued a $13.00 price objective on shares of Ardelyx in a research report on Tuesday, October 17th. Finally, ValuEngine lowered Ardelyx from a sell rating to a strong sell rating in a research report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $14.75.
Shares of Ardelyx (ARDX) remained flat at $$5.75 during trading on Friday. 441,000 shares of the company traded hands, compared to its average volume of 503,714. Ardelyx has a 12-month low of $4.05 and a 12-month high of $16.30.
Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.44) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.10. During the same period in the previous year, the business earned ($0.65) earnings per share. research analysts anticipate that Ardelyx will post -2.1 earnings per share for the current fiscal year.
In other Ardelyx news, COO Reginald Seeto sold 10,008 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $5.20, for a total transaction of $52,041.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 15.47% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARDX. Alliancebernstein L.P. boosted its holdings in Ardelyx by 7.9% in the 1st quarter. Alliancebernstein L.P. now owns 13,700 shares of the biopharmaceutical company’s stock valued at $173,000 after purchasing an additional 1,000 shares in the last quarter. Parametric Portfolio Associates LLC boosted its holdings in Ardelyx by 8.9% in the 2nd quarter. Parametric Portfolio Associates LLC now owns 27,581 shares of the biopharmaceutical company’s stock valued at $141,000 after purchasing an additional 2,252 shares in the last quarter. Bank of America Corp DE boosted its holdings in Ardelyx by 52.6% in the 1st quarter. Bank of America Corp DE now owns 10,612 shares of the biopharmaceutical company’s stock valued at $134,000 after purchasing an additional 3,659 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Ardelyx by 18.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,252 shares of the biopharmaceutical company’s stock valued at $159,000 after acquiring an additional 4,871 shares during the period. Finally, Rhumbline Advisers lifted its position in shares of Ardelyx by 15.6% during the 2nd quarter. Rhumbline Advisers now owns 40,516 shares of the biopharmaceutical company’s stock valued at $207,000 after acquiring an additional 5,465 shares during the period. 78.43% of the stock is currently owned by hedge funds and other institutional investors.
Ardelyx Company Profile
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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