Ardelyx (NASDAQ:ARDX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Friday.

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. ValuEngine downgraded shares of Ardelyx from a “sell” rating to a “strong sell” rating in a research report on Friday. BidaskClub downgraded shares of Ardelyx from a “buy” rating to a “hold” rating in a research report on Friday. Wedbush reaffirmed an “outperform” rating and issued a $12.00 target price (down from $13.00) on shares of Ardelyx in a research report on Tuesday, November 28th. Cantor Fitzgerald reaffirmed a “buy” rating and issued a $12.00 target price on shares of Ardelyx in a research report on Tuesday, November 21st. Finally, Ladenburg Thalmann Financial Services dropped their target price on shares of Ardelyx from $19.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, November 22nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have given a buy rating to the stock. Ardelyx currently has a consensus rating of “Buy” and an average price target of $12.93.

Shares of Ardelyx (NASDAQ ARDX) traded down $0.60 on Friday, hitting $6.40. 433,383 shares of the stock were exchanged, compared to its average volume of 270,725. Ardelyx has a fifty-two week low of $4.05 and a fifty-two week high of $15.40. The firm has a market cap of $344.63 and a price-to-earnings ratio of -2.87.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Tuesday, November 7th. The biopharmaceutical company reported ($0.44) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.54) by $0.10. During the same quarter last year, the business earned ($0.65) earnings per share. analysts anticipate that Ardelyx will post -2.01 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Dimensional Fund Advisors LP grew its position in Ardelyx by 280.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 259,202 shares of the biopharmaceutical company’s stock worth $1,322,000 after purchasing an additional 191,121 shares during the last quarter. Axiom International Investors LLC DE grew its position in Ardelyx by 65.6% during the 3rd quarter. Axiom International Investors LLC DE now owns 183,227 shares of the biopharmaceutical company’s stock worth $1,026,000 after purchasing an additional 72,573 shares during the last quarter. Citadel Advisors LLC purchased a new position in Ardelyx during the 2nd quarter worth $248,000. Vanguard Group Inc. grew its position in Ardelyx by 3.9% during the 2nd quarter. Vanguard Group Inc. now owns 1,277,634 shares of the biopharmaceutical company’s stock worth $6,516,000 after purchasing an additional 48,077 shares during the last quarter. Finally, Alliancebernstein L.P. grew its position in Ardelyx by 341.6% during the 2nd quarter. Alliancebernstein L.P. now owns 60,500 shares of the biopharmaceutical company’s stock worth $309,000 after purchasing an additional 46,800 shares during the last quarter. 74.90% of the stock is currently owned by hedge funds and other institutional investors.

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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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