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

Zacks Research downgraded shares of Ardelyx (NASDAQ:ARDX) from a hold rating to a strong sell rating in a research report report published on Wednesday morning,Zacks.com reports.

Several other equities research analysts also recently weighed in on ARDX. Weiss Ratings downgraded shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, June 29th. LADENBURG THALM/SH SH began coverage on Ardelyx in a research note on Tuesday, June 16th. They set a “buy” rating and a $16.00 price objective on the stock. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have given a Sell rating to the stock. According to data from MarketBeat, Ardelyx currently has an average rating of “Moderate Buy” and a consensus target price of $15.73.

Ardelyx Trading Up 1.0%

Shares of ARDX opened at $5.13 on Wednesday. The company has a market capitalization of $1.27 billion, a P/E ratio of -22.30 and a beta of 0.61. Ardelyx has a one year low of $4.07 and a one year high of $8.40. The company has a debt-to-equity ratio of 1.37, a quick ratio of 3.28 and a current ratio of 3.49. The stock has a 50-day moving average price of $5.65 and a 200 day moving average price of $6.21.

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

Insider Transactions at Ardelyx

In related news, insider Eric Duane Foster sold 7,998 shares of the firm’s stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total value of $50,147.46. Following the sale, the insider owned 417,972 shares of the company’s stock, valued at approximately $2,620,684.44. This trade represents a 1.88% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Mike Kelliher sold 7,248 shares of the business’s stock in a transaction that occurred on Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $45,444.96. Following the transaction, the insider owned 357,418 shares of the company’s stock, valued at $2,241,010.86. This represents a 1.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 24,572 shares of company stock worth $154,066 in the last three months. 5.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ardelyx

Several hedge funds and other institutional investors have recently modified their holdings of the company. First Horizon Corp grew its position in Ardelyx by 120.4% in the 4th quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company’s stock worth $46,000 after purchasing an additional 4,319 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. bought a new position in Ardelyx in the 4th quarter worth approximately $60,000. Swiss Life Asset Management Ltd acquired a new stake in Ardelyx in the 3rd quarter valued at approximately $57,000. Krilogy Financial LLC acquired a new stake in Ardelyx in the 1st quarter valued at approximately $70,000. Finally, PVG Asset Management Corp acquired a new position in Ardelyx during the 1st quarter worth $65,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

About Ardelyx

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.