Ardelyx (ARDX) Downgraded by ValuEngine

ValuEngine lowered shares of Ardelyx (NASDAQ:ARDX) from a hold rating to a sell rating in a research report sent to investors on Monday morning, ValuEngine reports.

Other equities research analysts have also recently issued reports about the stock. Piper Jaffray Companies started coverage on shares of Ardelyx in a report on Monday, April 8th. They set an overweight rating and a $15.00 price target for the company. Zacks Investment Research cut shares of Ardelyx from a buy rating to a hold rating in a report on Wednesday, March 20th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $8.81.

NASDAQ ARDX opened at $3.08 on Monday. Ardelyx has a 1-year low of $1.60 and a 1-year high of $5.90. The company has a debt-to-equity ratio of 0.58, a quick ratio of 7.41 and a current ratio of 7.41. The firm has a market capitalization of $195.94 million, a PE ratio of -1.90 and a beta of 1.95.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.42) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.39) by ($0.03). On average, sell-side analysts predict that Ardelyx will post -1.52 EPS for the current year.

A number of hedge funds have recently added to or reduced their stakes in ARDX. ClariVest Asset Management LLC lifted its stake in shares of Ardelyx by 48.2% in the first quarter. ClariVest Asset Management LLC now owns 113,400 shares of the biopharmaceutical company’s stock valued at $318,000 after buying an additional 36,900 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in shares of Ardelyx by 20.8% during the first quarter. The Manufacturers Life Insurance Company now owns 33,063 shares of the biopharmaceutical company’s stock valued at $92,000 after purchasing an additional 5,690 shares in the last quarter. Citigroup Inc. lifted its position in shares of Ardelyx by 7.9% during the first quarter. Citigroup Inc. now owns 80,671 shares of the biopharmaceutical company’s stock valued at $226,000 after purchasing an additional 5,888 shares in the last quarter. State of Wisconsin Investment Board lifted its position in shares of Ardelyx by 29.6% during the first quarter. State of Wisconsin Investment Board now owns 58,200 shares of the biopharmaceutical company’s stock valued at $163,000 after purchasing an additional 13,300 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Ardelyx by 7.7% during the first quarter. Dimensional Fund Advisors LP now owns 1,770,816 shares of the biopharmaceutical company’s stock valued at $4,958,000 after purchasing an additional 126,335 shares in the last quarter. Institutional investors own 74.90% of the company’s stock.

About Ardelyx

Ardelyx, Inc, a specialized biopharmaceutical company, develops and sells medicines for the treatment of cardio renal diseases in the United States and internationally. The company's lead product candidate is tenapanor, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis.

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