Ardelyx, Inc. (NASDAQ:ARDX) Receives $11.67 Average Target Price from Brokerages

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have been assigned a consensus recommendation of “Buy” from the eight brokerages that are presently covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $11.67.

ARDX has been the subject of a number of recent analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $11.00 price objective on shares of Ardelyx in a research note on Friday, August 2nd. Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $15.00 to $7.00 in a research note on Tuesday, July 2nd. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. HC Wainwright upped their price objective on Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Citigroup boosted their target price on Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd.

Ardelyx Stock Performance

NASDAQ:ARDX opened at $5.77 on Wednesday. The stock has a 50-day simple moving average of $6.09 and a two-hundred day simple moving average of $6.36. Ardelyx has a 52-week low of $3.43 and a 52-week high of $10.13. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.99 and a current ratio of 4.21. The firm has a market capitalization of $1.34 billion, a PE ratio of -20.61 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.11) by $0.04. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The business had revenue of $73.20 million during the quarter, compared to analyst estimates of $55.03 million. During the same quarter in the previous year, the company posted ($0.08) earnings per share. Ardelyx’s revenue for the quarter was up 228.3% on a year-over-year basis. Analysts forecast that Ardelyx will post -0.25 EPS for the current year.

Insider Buying and Selling

In other Ardelyx news, CEO Michael Raab sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $6.01, for a total transaction of $45,075.00. Following the sale, the chief executive officer now directly owns 1,210,108 shares in the company, valued at $7,272,749.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Ardelyx news, CEO Michael Raab sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $6.01, for a total transaction of $45,075.00. Following the sale, the chief executive officer now directly owns 1,210,108 shares in the company, valued at $7,272,749.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider David P. Rosenbaum sold 49,564 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $6.92, for a total value of $342,982.88. Following the sale, the insider now owns 301,946 shares in the company, valued at approximately $2,089,466.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 217,126 shares of company stock worth $1,320,413. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC grew 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 buying an additional 3,233 shares during the last quarter. Redwood Wealth Management Group LLC bought a new position in shares of Ardelyx during the second quarter valued at approximately $62,000. Coastal Bridge Advisors LLC bought a new position in shares of Ardelyx during the second quarter valued at approximately $74,000. Helen Stephens Group LLC bought a new position in shares of Ardelyx during the third quarter valued at approximately $76,000. Finally, Paloma Partners Management Co bought a new position in shares of Ardelyx during the first quarter valued at approximately $86,000. Institutional investors own 58.92% of the company’s stock.

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.