HC Wainwright cut shares of Ardelyx (NASDAQ:ARDX - Free Report) from a buy rating to a neutral rating in a research report released on Monday morning, MarketBeat.com reports. HC Wainwright currently has $5.50 target price on the biopharmaceutical company's stock, down from their prior target price of $11.00.
A number of other brokerages have also issued reports on ARDX. Citigroup cut their price target on shares of Ardelyx from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, November 4th. StockNews.com raised shares of Ardelyx from a "sell" rating to a "hold" rating in a research report on Wednesday, July 31st. Finally, Wedbush restated an "outperform" rating and issued a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. Three investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Ardelyx currently has an average rating of "Moderate Buy" and a consensus price target of $10.42.
View Our Latest Report on ARDX
Ardelyx Stock Down 4.5 %
ARDX traded down $0.23 during midday trading on Monday, reaching $4.84. 8,210,777 shares of the company were exchanged, compared to its average volume of 4,935,489. Ardelyx has a one year low of $3.49 and a one year high of $10.13. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. The company's fifty day moving average price is $6.04 and its 200 day moving average price is $6.30. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -15.90 and a beta of 0.92.
Insider Buying and Selling
In other news, insider David P. Rosenbaum sold 27,171 shares of the company's stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $6.10, for a total value of $165,743.10. Following the completion of the sale, the insider now directly owns 153,616 shares in the company, valued at $937,057.60. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, insider David P. Rosenbaum sold 20,000 shares of the firm's stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $5.94, for a total value of $118,800.00. Following the completion of the transaction, the insider now owns 356,479 shares of the company's stock, valued at approximately $2,117,485.26. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider David P. Rosenbaum sold 27,171 shares of the firm's stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $6.10, for a total transaction of $165,743.10. Following the completion of the sale, the insider now owns 153,616 shares of the company's stock, valued at approximately $937,057.60. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 265,240 shares of company stock worth $1,619,362. 5.90% of the stock is owned by insiders.
Institutional Investors Weigh In On Ardelyx
A number of institutional investors and hedge funds have recently modified their holdings of the company. Nisa Investment Advisors LLC boosted its stake in shares of Ardelyx by 1,026.3% during the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company's stock valued at $26,000 after acquiring an additional 3,233 shares during the last quarter. Redwood Wealth Management Group LLC acquired a new position in Ardelyx during the second quarter worth approximately $62,000. Coastal Bridge Advisors LLC purchased a new position in Ardelyx during the second quarter worth approximately $74,000. Helen Stephens Group LLC acquired a new position in shares of Ardelyx in the 3rd quarter valued at $76,000. Finally, Paloma Partners Management Co purchased a new stake in shares of Ardelyx during the 1st quarter valued at $86,000. Institutional investors and hedge funds own 58.92% of the company's stock.
About Ardelyx
(
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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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