Ardelyx (NASDAQ:ARDX) Downgraded to Outperform Rating by Raymond James

Ardelyx (NASDAQ:ARDX - Get Free Report) was downgraded by analysts at Raymond James from a "strong-buy" rating to an "outperform" rating in a research report issued on Friday, Marketbeat Ratings reports. They currently have a $11.00 price target on the biopharmaceutical company's stock. Raymond James' target price indicates a potential upside of 194.91% from the stock's current price.

Several other equities analysts have also recently commented on ARDX. Cantor Fitzgerald upgraded shares of Ardelyx to a "strong-buy" rating in a research report on Tuesday, March 4th. HC Wainwright reissued a "neutral" rating and issued a $5.50 price objective on shares of Ardelyx in a research note on Friday, February 21st. LADENBURG THALM/SH SH reiterated a "buy" rating and set a $11.00 target price on shares of Ardelyx in a research note on Friday, March 7th. Scotiabank started coverage on Ardelyx in a research note on Friday, March 7th. They set a "sector outperform" rating and a $15.00 price target for the company. Finally, Jefferies Financial Group reduced their price target on shares of Ardelyx from $11.00 to $8.00 and set a "buy" rating on the stock in a research report on Thursday, January 2nd. Three investment analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Ardelyx has a consensus rating of "Moderate Buy" and a consensus target price of $10.39.

Ardelyx Stock Down 9.7 %

Shares of ARDX traded down $0.40 during trading hours on Friday, hitting $3.73. 13,972,520 shares of the company were exchanged, compared to its average volume of 4,384,899. The company has a market cap of $889.07 million, a PE ratio of -23.31 and a beta of 0.76. The firm's 50 day moving average is $5.00 and its 200-day moving average is $5.24. The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.31 and a current ratio of 4.58. Ardelyx has a 52 week low of $3.63 and a 52 week high of $9.33.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings results 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 net margin of 11.73% and a negative return on equity of 24.87%. The firm had revenue of $74.11 million during the quarter, compared to the consensus estimate of $79.40 million. During the same quarter in the prior year, the business earned ($0.11) EPS. Ardelyx's revenue was up 61.1% on a year-over-year basis. On average, equities research analysts forecast that Ardelyx will post -0.18 EPS for the current fiscal year.

Insider Transactions at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 41,668 shares of the stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $5.36, for a total value of $223,340.48. Following the transaction, the chief executive officer now directly owns 1,635,138 shares in the company, valued at $8,764,339.68. This represents a 2.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director David M. Mott purchased 77,729 shares of the stock in a transaction that occurred on Monday, February 24th. The shares were bought at an average cost of $5.00 per share, for a total transaction of $388,645.00. Following the acquisition, the director now owns 2,015,494 shares of the company's stock, valued at approximately $10,077,470. The trade was a 4.01 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 116,410 shares of company stock worth $600,475 over the last 90 days. 5.90% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ardelyx

A number of institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. purchased a new position in Ardelyx in the 4th quarter worth approximately $25,000. GAMMA Investing LLC lifted its stake in Ardelyx by 1,342.0% during the first quarter. GAMMA Investing LLC now owns 5,912 shares of the biopharmaceutical company's stock valued at $290,000 after purchasing an additional 5,502 shares during the last quarter. Newbridge Financial Services Group Inc. acquired a new position in shares of Ardelyx in the 4th quarter valued at about $35,000. SBI Securities Co. Ltd. acquired a new stake in shares of Ardelyx during the 4th quarter valued at $41,000. Finally, Quarry LP bought a new position in shares of Ardelyx during the 4th quarter valued at $51,000. Institutional investors and hedge funds own 58.92% of the company's stock.

About Ardelyx

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.