Weiss Ratings Reaffirms "Sell (D-)" Rating for Ardelyx (NASDAQ:ARDX)

Key Points

• Weiss Ratings has reaffirmed a "Sell (D-)" rating for Ardelyx (NASDAQ:ARDX), following a recent research note issued on Wednesday.
• Ardelyx's stock has experienced a decline of 2.1%, trading at $5.06, with a trading volume of 3,670,013 shares.
• Multiple analysts have varying ratings on Ardelyx, with the average price target set at $11.70 and a general consensus of "Moderate Buy".

Ardelyx (NASDAQ:ARDX - Get Free Report)'s stock had its "sell (d-)" rating restated by investment analysts at Weiss Ratings in a research note issued on Wednesday,Weiss Ratings reports.

Other equities analysts also recently issued reports about the company. Raymond James Financial assumed coverage on Ardelyx in a research note on Wednesday, September 3rd. They issued a "strong-buy" rating and a $14.00 price target on the stock. UBS Group set a $12.00 price target on shares of Ardelyx in a research report on Tuesday, August 5th. Wall Street Zen raised shares of Ardelyx from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Wedbush reiterated an "outperform" rating and set a $14.00 price target (up previously from $13.00) on shares of Ardelyx in a research note on Tuesday, August 5th. Finally, HC Wainwright assumed coverage on Ardelyx in a report on Wednesday, June 18th. They issued a "buy" rating and a $10.00 target price on the stock. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Ardelyx presently has an average rating of "Moderate Buy" and an average price target of $11.70.

Ardelyx Stock Down 2.1%

Shares of Ardelyx stock traded down $0.11 on Wednesday, reaching $5.06. The company's stock had a trading volume of 3,670,013 shares, compared to its average volume of 4,500,521. The company has a market capitalization of $1.22 billion, a price-to-earnings ratio of -22.00 and a beta of 0.67. The firm's fifty day simple moving average is $5.84 and its two-hundred day simple moving average is $4.81. Ardelyx has a 52 week low of $3.21 and a 52 week high of $6.78. The company has a quick ratio of 4.03, a current ratio of 4.30 and a debt-to-equity ratio of 1.44.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The biopharmaceutical company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.05. Ardelyx had a negative return on equity of 36.57% and a negative net margin of 14.60%.The company had revenue of $97.66 million for the quarter, compared to analysts' expectations of $82.69 million. During the same period last year, the firm posted ($0.07) earnings per share. Ardelyx's revenue was up 23.0% compared to the same quarter last year. Equities analysts anticipate that Ardelyx will post -0.18 earnings per share for the current year.

Insider Transactions at Ardelyx

In related news, CFO Justin A. Renz sold 7,037 shares of the firm's stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $5.93, for a total value of $41,729.41. Following the completion of the transaction, the chief financial officer directly owned 409,052 shares of the company's stock, valued at approximately $2,425,678.36. This trade represents a 1.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Eric Duane Foster sold 15,308 shares of Ardelyx stock in a transaction on Thursday, August 21st. The stock was sold at an average price of $5.93, for a total transaction of $90,776.44. Following the completion of the transaction, the insider directly owned 301,498 shares of the company's stock, valued at $1,787,883.14. The trade was a 4.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 165,551 shares of company stock valued at $996,917 in the last 90 days. Company insiders own 4.80% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of ARDX. Vanguard Group Inc. lifted its holdings in shares of Ardelyx by 4.4% in the 1st quarter. Vanguard Group Inc. now owns 14,997,234 shares of the biopharmaceutical company's stock worth $73,636,000 after acquiring an additional 634,575 shares during the last quarter. Marshall Wace LLP grew its stake in shares of Ardelyx by 34.2% during the second quarter. Marshall Wace LLP now owns 11,250,652 shares of the biopharmaceutical company's stock valued at $44,103,000 after buying an additional 2,866,843 shares during the last quarter. Millennium Management LLC grew its stake in shares of Ardelyx by 118.2% during the first quarter. Millennium Management LLC now owns 6,465,262 shares of the biopharmaceutical company's stock valued at $31,744,000 after buying an additional 3,501,782 shares during the last quarter. Bank of America Corp DE boosted its holdings in Ardelyx by 88.8% during the 2nd quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company's stock valued at $21,670,000 after acquiring an additional 2,600,080 shares during the period. Finally, Nuveen LLC purchased a new position in Ardelyx during the 1st quarter valued at $16,735,000. 58.92% of the stock is owned by hedge funds and other 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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