Ardelyx (NASDAQ:ARDX) Given "Sell (D-)" Rating at Weiss Ratings

Key Points

• Ardelyx's stock has been given a "Sell (D-)" rating by Weiss Ratings, indicating negative sentiment from analysts.
• Despite the negative rating, other analysts have varying views, with Piper Sandler raising its price target to $9.00 and Raymond James setting a target of $14.00 with a "strong-buy" rating.
• Recently, insider transactions have occurred, including the sale of 80,000 shares by insider Laura A. Williams, reflecting a 17.92% decrease in her position.

Ardelyx (NASDAQ:ARDX - Get Free Report)'s stock had its "sell (d-)" rating reissued by equities researchers at Weiss Ratings in a report issued on Friday,Weiss Ratings reports.

A number of other analysts have also commented on the company. Piper Sandler boosted their price objective on Ardelyx from $8.00 to $9.00 and gave the stock a "neutral" rating in a report on Wednesday, August 6th. Raymond James Financial started coverage on Ardelyx in a report on Wednesday, September 3rd. They set a "strong-buy" rating and a $14.00 price objective for the company. UBS Group set a $12.00 target price on shares of Ardelyx in a report on Tuesday, August 5th. Wall Street Zen upgraded shares of Ardelyx from a "sell" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Wedbush reiterated an "outperform" rating and issued a $14.00 target price (up previously from $13.00) on shares of Ardelyx in a report on Tuesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $11.70.

Ardelyx Stock Down 0.4%

NASDAQ ARDX traded down $0.02 on Friday, hitting $5.04. 2,287,895 shares of the company were exchanged, compared to its average volume of 4,423,647. Ardelyx has a 12 month low of $3.21 and a 12 month high of $6.78. The company has a market cap of $1.21 billion, a PE ratio of -21.91 and a beta of 0.67. The stock has a fifty day moving average of $5.85 and a 200-day moving average of $4.82. The company has a current ratio of 4.30, a quick ratio of 4.03 and a debt-to-equity ratio of 1.44.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its earnings results on Monday, August 4th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, topping analysts' consensus estimates of ($0.13) by $0.05. The company had revenue of $97.66 million for the quarter, compared to analyst estimates of $82.69 million. Ardelyx had a negative net margin of 14.60% and a negative return on equity of 36.57%. The firm's revenue was up 23.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.07) EPS. As a group, analysts forecast that Ardelyx will post -0.18 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Laura A. Williams sold 80,000 shares of the company's stock in a transaction on Tuesday, August 26th. The shares were sold at an average price of $6.12, for a total value of $489,600.00. Following the completion of the sale, the insider owned 366,322 shares of the company's stock, valued at approximately $2,241,890.64. This represents a 17.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael Raab sold 45,687 shares of the company's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $5.93, for a total transaction of $270,923.91. Following the completion of the sale, the chief executive officer directly owned 1,502,250 shares of the company's stock, valued at $8,908,342.50. This trade represents a 2.95% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 165,551 shares of company stock worth $996,917. 4.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of Ardelyx by 87.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 53,336 shares of the biopharmaceutical company's stock worth $262,000 after purchasing an additional 24,893 shares during the period. Clay Northam Wealth Management LLC increased its stake in Ardelyx by 12.9% during the 1st quarter. Clay Northam Wealth Management LLC now owns 347,455 shares of the biopharmaceutical company's stock valued at $1,706,000 after purchasing an additional 39,775 shares in the last quarter. Palisades Investment Partners LLC boosted its holdings in shares of Ardelyx by 1.1% during the 1st quarter. Palisades Investment Partners LLC now owns 523,345 shares of the biopharmaceutical company's stock valued at $2,569,000 after acquiring an additional 5,564 shares during the last quarter. Cerity Partners LLC boosted its holdings in shares of Ardelyx by 305.3% during the 1st quarter. Cerity Partners LLC now owns 73,769 shares of the biopharmaceutical company's stock valued at $362,000 after acquiring an additional 55,569 shares during the last quarter. Finally, CWM LLC boosted its holdings in shares of Ardelyx by 4,554.4% during the 1st quarter. CWM LLC now owns 79,777 shares of the biopharmaceutical company's stock valued at $392,000 after acquiring an additional 78,063 shares during the last quarter. 58.92% of the stock is currently owned by institutional investors.

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.

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