Zacks Investment Research lowered shares of Ardelyx, Inc. (NASDAQ:ARDX) from a buy rating to a hold rating in a report issued on Tuesday.

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 recently issued reports about the stock. Leerink Swann set a $18.00 price objective on shares of Ardelyx and gave the company a buy rating in a research note on Sunday, November 20th. Wedbush reiterated an outperform rating and issued a $24.00 price target on shares of Ardelyx in a research report on Friday, January 6th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $19.13.

Ardelyx (NASDAQ:ARDX) traded up 4.68% during midday trading on Tuesday, hitting $14.55. 43,871 shares of the company’s stock traded hands. The company has a 50 day moving average of $14.76 and a 200-day moving average of $12.13. The company’s market capitalization is $688.23 million. Ardelyx has a 52 week low of $6.36 and a 52 week high of $16.30.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Monday, November 7th. The biopharmaceutical company reported ($0.65) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.74) by $0.09. Equities research analysts predict that Ardelyx will post ($2.78) earnings per share for the current year.

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A number of institutional investors have recently modified their holdings of the company. ClariVest Asset Management LLC boosted its position in shares of Ardelyx by 5.6% in the second quarter. ClariVest Asset Management LLC now owns 34,100 shares of the biopharmaceutical company’s stock worth $298,000 after buying an additional 1,800 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Ardelyx by 11.7% in the second quarter. Bank of New York Mellon Corp now owns 99,099 shares of the biopharmaceutical company’s stock worth $865,000 after buying an additional 10,398 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of Ardelyx by 2.1% in the second quarter. California State Teachers Retirement System now owns 47,997 shares of the biopharmaceutical company’s stock worth $419,000 after buying an additional 992 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Ardelyx by 167.3% in the second quarter. JPMorgan Chase & Co. now owns 262,556 shares of the biopharmaceutical company’s stock worth $2,292,000 after buying an additional 164,314 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Ardelyx by 2.7% in the second quarter. Vanguard Group Inc. now owns 704,520 shares of the biopharmaceutical company’s stock worth $6,151,000 after buying an additional 18,802 shares in the last quarter. 81.55% of the stock is currently owned by hedge funds and other institutional investors.

About Ardelyx

Ardelyx, Inc is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of minimally systemic therapeutic drugs that work in the gastrointestinal (GI) tract to treat GI and cardio-renal diseases. The Company operates through research, development and commercialization of biopharmaceutical products segment.

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