Ardelyx (ARDX) Cut to Sell at Zacks Investment Research

Zacks Investment Research downgraded shares of Ardelyx (NASDAQ:ARDX) from a hold rating to a sell rating in a research report released on Tuesday.

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. “

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Other research analysts have also recently issued research reports about the stock. BidaskClub cut shares of Ardelyx from a buy rating to a hold rating in a research report on Friday, February 2nd. Wedbush restated an outperform rating and issued a $12.00 price objective (down previously from $13.00) on shares of Ardelyx in a research report on Tuesday, November 28th. Cantor Fitzgerald restated a buy rating and issued a $12.00 price objective on shares of Ardelyx in a research report on Tuesday, November 21st. Leerink Swann reiterated an outperform rating and set a $13.00 target price on shares of Ardelyx in a research report on Monday, March 19th. Finally, Ladenburg Thalmann Financial Services dropped their target price on shares of Ardelyx from $19.00 to $16.00 and set a buy rating for the company in a research report on Wednesday, November 22nd. Three equities research analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. Ardelyx has an average rating of Hold and a consensus price target of $12.93.

Ardelyx (NASDAQ:ARDX) opened at $5.50 on Tuesday. Ardelyx has a 1 year low of $4.05 and a 1 year high of $14.10. The firm has a market cap of $266.58, a P/E ratio of -4.04 and a beta of 0.76.

Several institutional investors have recently modified their holdings of the business. Parametric Portfolio Associates LLC raised its position in shares of Ardelyx by 8.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 27,581 shares of the biopharmaceutical company’s stock valued at $141,000 after acquiring an additional 2,252 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Ardelyx by 18.5% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 31,252 shares of the biopharmaceutical company’s stock valued at $159,000 after acquiring an additional 4,871 shares during the last quarter. TIAA CREF Investment Management LLC raised its position in shares of Ardelyx by 10.3% during the 4th quarter. TIAA CREF Investment Management LLC now owns 94,898 shares of the biopharmaceutical company’s stock valued at $626,000 after acquiring an additional 8,869 shares during the last quarter. Northern Trust Corp raised its position in shares of Ardelyx by 2.8% during the 2nd quarter. Northern Trust Corp now owns 367,753 shares of the biopharmaceutical company’s stock valued at $1,876,000 after acquiring an additional 9,941 shares during the last quarter. Finally, Citadel Advisors LLC raised its position in shares of Ardelyx by 20.6% during the 3rd quarter. Citadel Advisors LLC now owns 58,526 shares of the biopharmaceutical company’s stock valued at $328,000 after acquiring an additional 9,986 shares during the last quarter. Institutional investors own 74.37% of the company’s stock.

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About Ardelyx

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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