Ardelyx, Inc. (ARDX) Upgraded to “Hold” at Zacks Investment Research

Ardelyx, Inc. (NASDAQ:ARDX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Thursday, May 11th.

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. “

Separately, Wedbush restated an “outperform” rating and issued a $24.00 target price on shares of Ardelyx in a research note on Wednesday, February 15th. One analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. Ardelyx currently has a consensus rating of “Buy” and a consensus target price of $14.13.

Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

Shares of Ardelyx (NASDAQ ARDX) traded down 4.40% during trading on Thursday, reaching $4.35. The company had a trading volume of 667,078 shares. Ardelyx has a 1-year low of $4.05 and a 1-year high of $16.30. The company’s 50 day moving average is $7.75 and its 200-day moving average is $11.96. The stock’s market capitalization is $206.13 million.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Friday, May 5th. The biopharmaceutical company reported ($0.59) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.65) by $0.06. On average, equities research analysts anticipate that Ardelyx will post ($2.46) earnings per share for the current year.

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Several large investors have recently modified their holdings of the company. NEA Management Company LLC increased its stake in shares of Ardelyx by 19.4% in the third quarter. NEA Management Company LLC now owns 14,083,582 shares of the biopharmaceutical company’s stock worth $182,242,000 after buying an additional 2,290,951 shares during the period. RA Capital Management LLC increased its stake in Ardelyx by 41.3% in the third quarter. RA Capital Management LLC now owns 3,266,045 shares of the biopharmaceutical company’s stock worth $42,263,000 after buying an additional 953,802 shares during the last quarter. Rock Springs Capital Management LP increased its stake in Ardelyx by 54.9% in the third quarter. Rock Springs Capital Management LP now owns 1,975,000 shares of the biopharmaceutical company’s stock worth $25,557,000 after buying an additional 700,000 shares during the last quarter. Perceptive Advisors LLC increased its stake in Ardelyx by 2.7% in the first quarter. Perceptive Advisors LLC now owns 1,886,196 shares of the biopharmaceutical company’s stock worth $23,860,000 after buying an additional 50,000 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Ardelyx by 4.0% in the first quarter. Vanguard Group Inc. now owns 1,229,557 shares of the biopharmaceutical company’s stock worth $15,554,000 after buying an additional 47,853 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

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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