Ardelyx (NASDAQ:ARDX) Stock Price Down 8.4% After Analyst Downgrade

by · The Cerbat Gem

Ardelyx, Inc. (NASDAQ:ARDX – Get Free Report) traded down 8.4% during trading on Monday after Citigroup lowered their price target on the stock from $11.00 to $10.00. Citigroup currently has a buy rating on the stock. Ardelyx traded as low as $3.89 and last traded at $3.79. 3,550,524 shares changed hands during trading, a decline of 18% from the average session volume of 4,347,468 shares. The stock had previously closed at $4.13.

Other research analysts have also issued reports about the company. HC Wainwright restated a “neutral” rating and set a $5.50 price target on shares of Ardelyx in a research report on Friday, February 21st. Cantor Fitzgerald upgraded Ardelyx to a “strong-buy” rating in a report on Tuesday, March 4th. Jefferies Financial Group decreased their price target on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Piper Sandler upgraded Ardelyx to a “hold” rating in a report on Wednesday, March 12th. Finally, Scotiabank started coverage on shares of Ardelyx in a research note on Friday, March 7th. They issued a “sector outperform” rating and a $15.00 target price for the company. Three investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $10.39.

View Our Latest Stock Analysis on ARDX

Insiders Place Their Bets

In other Ardelyx news, Director David M. Mott bought 77,729 shares of the company’s stock in a transaction that occurred on Monday, February 24th. The stock was purchased at an average cost of $5.00 per share, for a total transaction of $388,645.00. Following the completion of the purchase, the director now owns 2,015,494 shares of the company’s stock, valued at $10,077,470. This trade represents a 4.01 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Raab sold 22,964 shares of the stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $5.62, for a total value of $129,057.68. Following the transaction, the chief executive officer now owns 1,085,755 shares in the company, valued at $6,101,943.10. This trade represents a 2.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 116,410 shares of company stock valued at $600,475 in the last ninety days. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of ARDX. JPMorgan Chase & Co. increased its position in Ardelyx by 1.6% during the third quarter. JPMorgan Chase & Co. now owns 387,144 shares of the biopharmaceutical company’s stock worth $2,667,000 after purchasing an additional 6,093 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Ardelyx by 5.6% during the 4th quarter. Vanguard Group Inc. now owns 14,362,659 shares of the biopharmaceutical company’s stock worth $72,819,000 after buying an additional 767,111 shares during the last quarter. Barclays PLC raised its position in shares of Ardelyx by 24.9% in the 3rd quarter. Barclays PLC now owns 547,325 shares of the biopharmaceutical company’s stock worth $3,770,000 after buying an additional 109,285 shares during the period. Charles Schwab Investment Management Inc. grew its position in Ardelyx by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,035,135 shares of the biopharmaceutical company’s stock valued at $10,318,000 after acquiring an additional 96,357 shares during the period. Finally, Rhumbline Advisers increased its stake in Ardelyx by 1.9% during the fourth quarter. Rhumbline Advisers now owns 326,124 shares of the biopharmaceutical company’s stock worth $1,653,000 after acquiring an additional 6,070 shares during the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

Ardelyx Trading Down 9.1 %

The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.31 and a current ratio of 4.58. The company has a market capitalization of $895.03 million, a PE ratio of -23.59 and a beta of 0.76. The business has a fifty day moving average price of $5.00 and a 200 day moving average price of $5.24.

Ardelyx (NASDAQ:ARDX – Get Free Report) last released its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.07). Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. The business had revenue of $74.11 million during the quarter, compared to analyst estimates of $79.40 million. During the same period in the previous year, the company earned ($0.11) EPS. Ardelyx’s revenue was up 61.1% on a year-over-year basis. Analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

About Ardelyx

(Get Free Report)

Ardelyx, Inc, a biopharmaceutical company, discovers, develops, and commercializes medicines to treat gastrointestinal and cardiorenal therapeutic areas 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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