Ardelyx, Inc. (ARDX) Lifted to Buy at Zacks Investment Research

Ardelyx, Inc. (NASDAQ:ARDX) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a note issued to investors on Friday, November 10th. The firm currently has a $6.50 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 1.56% from the stock’s previous close.

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. “

Other research analysts also recently issued reports about the stock. Citigroup Inc. raised their price objective on shares of Ardelyx from $14.00 to $19.00 and gave the stock a “buy” rating in a report on Thursday, October 12th. Cantor Fitzgerald set a $12.00 price objective on shares of Ardelyx and gave the stock a “buy” rating in a report on Wednesday, August 9th. BidaskClub raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, August 23rd. Leerink Swann reaffirmed an “outperform” rating and issued a $13.00 price objective on shares of Ardelyx in a report on Tuesday, October 17th. Finally, ValuEngine downgraded shares of Ardelyx from a “sell” rating to a “strong sell” rating in a report on Friday, September 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $14.64.

Ardelyx (NASDAQ ARDX) traded up $0.10 during midday trading on Friday, hitting $6.40. 513,500 shares of the company’s stock were exchanged, compared to its average volume of 504,845. Ardelyx has a 12-month low of $4.05 and a 12-month high of $16.30.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.44) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.54) by $0.10. During the same quarter in the previous year, the company posted ($0.65) EPS. sell-side analysts expect that Ardelyx will post -2.05 EPS for the current year.

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In other news, COO Reginald Seeto sold 10,008 shares of the firm’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $5.20, for a total transaction of $52,041.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 15.47% of the company’s stock.

Large investors have recently modified their holdings of the stock. KCG Holdings Inc. bought a new stake in shares of Ardelyx during the 1st quarter valued at about $127,000. Bank of America Corp DE lifted its position in Ardelyx by 52.6% during the 1st quarter. Bank of America Corp DE now owns 10,612 shares of the biopharmaceutical company’s stock valued at $134,000 after acquiring an additional 3,659 shares during the period. Sei Investments Co. lifted its position in Ardelyx by 2,039.8% during the 3rd quarter. Sei Investments Co. now owns 13,395 shares of the biopharmaceutical company’s stock valued at $750,000 after acquiring an additional 12,769 shares during the period. Alliancebernstein L.P. lifted its position in Ardelyx by 7.9% during the 1st quarter. Alliancebernstein L.P. now owns 13,700 shares of the biopharmaceutical company’s stock valued at $173,000 after acquiring an additional 1,000 shares during the period. Finally, American International Group Inc. lifted its position in Ardelyx by 43.8% during the 1st quarter. American International Group Inc. now owns 18,926 shares of the biopharmaceutical company’s stock valued at $239,000 after acquiring an additional 5,765 shares during the period. Institutional investors own 78.82% 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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