Zacks Research Downgrades Ardelyx (NASDAQ:ARDX) to Strong Sell

Ardelyx (NASDAQ:ARDX) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday,Zacks.com reports.

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

Ardelyx Stock Performance

NASDAQ:ARDX opened at $5.13 on Wednesday. The stock’s 50-day moving average is $5.65 and its 200-day moving average is $6.21. Ardelyx has a 1-year low of $4.07 and a 1-year high of $8.40. The company has a current ratio of 3.49, a quick ratio of 3.28 and a debt-to-equity ratio of 1.37. The stock has a market cap of $1.27 billion, a P/E ratio of -22.30 and a beta of 0.61.

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

Insider Activity at Ardelyx

In other news, insider Mike Kelliher sold 7,248 shares of the firm’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 transaction of $45,444.96. Following the completion of the sale, the insider owned 357,418 shares of the company’s stock, valued at $2,241,010.86. This trade represents a 1.99% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, 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 transaction of $50,147.46. Following the sale, the insider directly 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 SEC filing for this sale provides additional information. Over the last three months, insiders sold 24,572 shares of company stock worth $154,066. Insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ARDX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Ardelyx by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 159,061 shares of the biopharmaceutical company’s stock worth $781,000 after purchasing an additional 4,436 shares during the period. Goldman Sachs Group Inc. raised its holdings in shares of Ardelyx by 10.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,378,738 shares of the biopharmaceutical company’s stock valued at $11,680,000 after purchasing an additional 221,486 shares during the period. Focus Partners Wealth acquired a new position in shares of Ardelyx during the first quarter valued at about $72,000. Strs Ohio bought a new position in shares of Ardelyx during the 1st quarter worth about $135,000. Finally, Legal & General Group Plc boosted its position in shares of Ardelyx by 13.5% during the 2nd quarter. Legal & General Group Plc now owns 275,344 shares of the biopharmaceutical company’s stock worth $1,080,000 after purchasing an additional 32,738 shares in the last quarter. 58.92% of the stock is owned by institutional investors.

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.