Ardelyx (NASDAQ:ARDX) Downgraded to Neutral by Piper Sandler

Piper Sandler cuts stock Ardelyx (NASDAQ:ARDX – Free Report) from an “overweight” rating to a “neutral” rating in a research note issued on Tuesday, Marketbeat.com reports. Piper Sandler currently has a $7.00 price target on shares of the biopharmaceutical company, down from the previous $15.00 target price.

Several other brokerages have also recently commented on ARDX. StockNews.com lowered shares of Ardelyx from a “hold” to a “sell” rating in a report on Friday, June 28. Citigroup raised their price target on shares of Ardelyx from $13.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, May 3. Cantor Fitzgerald reiterated an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20. Wedbush reiterated an “outperform” rating and issued a $15.00 price target on shares of Ardelyx in a research note on Friday, May 24. Finally, Leerink Partners reiterated an “outperform” rating on shares of Ardelyx in a report on Friday, April 5. One analyst rated the stock as a “sell,” one as a “hold,” seven as a “buy,” and one as a “strong buy.” According to data from MarketBeat.com, Ardelyx currently has a consensus rating of Moderate Buy and a consensus price target of $11.81.

See our latest report on ARDX

Ardelyx Price Performance

NASDAQ:ARDX opened at $5.28 on Tuesday. Ardelyx has a 52-week low of $3.16 and a 52-week high of $10.13. The company has a current ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $1.23 billion, a P/E ratio of -18.86 and a beta of 0.83. The company’s 50 day moving average price is $7.00 and its 200 day moving average price is $7.64.

Ardelyx (NASDAQ:ARDX – Get a free report) last released its financial results on Thursday, May 2. The biopharmaceutical company reported (0.11) earnings per share for the quarter, topping analysts’ consensus estimates of (0.13) by $0.02. The company had revenue of $46.00 million for the quarter, compared to analysts’ expectations of $36.40 million. Ardelyx had a negative net margin of 41.36% and a negative return on equity of 41.65%. The company’s revenue for the quarter increased by 303.5% compared to the same quarter last year. During the same period last year, the company reported (0.13) earnings per share. Sell-side analysts are predicting that Ardelyx will post -0.36 earnings per share for the current fiscal year.

Buying and selling insider information at Ardelyx

In other news, insider Robert Ora Felsch sold 207,988 shares of the company’s stock in a transaction dated Monday, May 6. The shares were sold at an average price of $8.81, for a total transaction value of $1,832,374.28. Following the transaction, the insider now owns 95,947 shares of the company’s stock, valued at approximately $845,293.07. The sale was disclosed in legal documents filed with the SEC, which can be accessed through this hyperlink . In other news, insider Robert Ora Felsch sold 207,988 shares of the company’s stock in a transaction dated Monday, May 6. The shares were sold at an average price of $8.81, for a total transaction value of $1,832,374.28. Following the sale, the insider now owns 95,947 shares of the company’s stock, valued at $845,293.07. The sale was disclosed in a filing with the SEC, which is available at this hyperlink . Additionally, CEO Michael Raab sold 30,000 shares of the company’s stock in a transaction on Monday, April 29. The shares were sold at an average price of $6.40, for a total transaction value of $192,000.00. Following the transaction, the CEO now owns 1,310,933 shares of the company’s stock, valued at $8,389,971.20. Disclosure of this sale can be found here . Insiders have sold a total of 534,119 shares of the company’s stock, valued at $4,117,225, over the last three months. Corporate insiders own 5.50% of the company’s stock.

Ardelyx Institutional Trading

A number of institutional investors and hedge funds have recently modified their holdings in the company. Xponance Inc. increased its position in shares of Ardelyx by 12.6% in the fourth quarter. Xponance Inc. now owns 14,112 shares of the biopharmaceutical company’s stock worth $87,000 after acquiring an additional 1,575 shares in the last quarter. Mackenzie Financial Corp increased its holdings in Ardelyx by 5.6% in the fourth quarter. Mackenzie Financial Corp now owns 30,269 shares of the biopharmaceutical company’s stock worth $188,000 after acquiring an additional 1,608 shares in the last quarter. ProShare Advisors LLC increased its position in Ardelyx by 8.9% in the first quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock worth $421,000 after purchasing an additional 4,735 shares in the last quarter. HighMark Wealth Management LLC bought a new stake in Ardelyx during the first quarter worth $36,000. Finally, Victory Capital Management Inc. increased its holding in Ardelyx by 31.0% in the fourth quarter. Victory Capital Management Inc. now owns 30,100 shares of the biopharmaceutical company’s stock worth $187,000 after purchasing an additional 7,117 shares during the last quarter. 58.92% of the shares are currently owned by institutional investors.

Ardelyx Company Profile

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Ardelyx, Inc., a biopharmaceutical company, discovers, develops, and commercializes drugs for the treatment of therapeutic areas of the gastrointestinal tract and the heart and kidneys in the United States and internationally. The company’s lead product candidate is tenapanor for the treatment of patients with irritable bowel syndrome with constipation.

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