Ardelyx, Inc. (NASDAQ:ARDX) Given Consensus Rating of “Buy” by Brokerages

Ardelyx, Inc. (NASDAQ:ARDX) has been assigned a consensus rating of “Buy” from the eight ratings firms that are presently covering the firm, Marketbeat Ratings reports. Seven investment analysts have rated the stock with a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $12.56.

Several research firms have issued reports on ARDX. StockNews.com lowered shares of Ardelyx from a “hold” rating to a “sell” rating in a report on Monday, February 26th. SVB Leerink started coverage on shares of Ardelyx in a report on Friday. They set an “outperform” rating and a $14.00 price objective on the stock. Piper Sandler boosted their price objective on shares of Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a report on Friday, February 23rd. Raymond James boosted their price objective on shares of Ardelyx from $12.00 to $15.00 and gave the company a “strong-buy” rating in a report on Tuesday, January 9th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a report on Friday, January 12th.

Insider Activity at Ardelyx

In related news, insider David P. Rosenbaum sold 5,183 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $9.20, for a total transaction of $47,683.60. Following the completion of the transaction, the insider now directly owns 175,936 shares in the company, valued at $1,618,611.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ardelyx news, insider Elizabeth A. Grammer sold 86,000 shares of the company’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total value of $664,780.00. Following the completion of the transaction, the insider now owns 312,993 shares in the company, valued at $2,419,435.89. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider David P. Rosenbaum sold 5,183 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $9.20, for a total transaction of $47,683.60. Following the completion of the transaction, the insider now owns 175,936 shares of the company’s stock, valued at approximately $1,618,611.20. The disclosure for this sale can be found here. Insiders sold 171,320 shares of company stock worth $1,354,774 over the last three months. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. GSA Capital Partners LLP raised its position in shares of Ardelyx by 1,183.6% in the third quarter. GSA Capital Partners LLP now owns 549,695 shares of the biopharmaceutical company’s stock worth $2,243,000 after acquiring an additional 506,872 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in shares of Ardelyx in the third quarter worth about $320,000. Charles Schwab Investment Management Inc. raised its position in shares of Ardelyx by 185.5% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,666,267 shares of the biopharmaceutical company’s stock worth $6,798,000 after purchasing an additional 1,082,554 shares during the last quarter. TD Asset Management Inc raised its position in shares of Ardelyx by 100.0% during the 3rd quarter. TD Asset Management Inc now owns 273,600 shares of the biopharmaceutical company’s stock worth $1,116,000 after purchasing an additional 136,800 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. acquired a new position in shares of Ardelyx during the 3rd quarter worth about $9,384,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

Ardelyx Price Performance

NASDAQ ARDX opened at $7.50 on Friday. The firm’s fifty day simple moving average is $8.58 and its two-hundred day simple moving average is $6.38. The company has a current ratio of 4.88, a quick ratio of 4.64 and a debt-to-equity ratio of 0.30. Ardelyx has a 12-month low of $3.16 and a 12-month high of $10.13. The firm has a market capitalization of $1.75 billion, a P/E ratio of -25.00 and a beta of 0.85.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.03). Ardelyx had a negative return on equity of 43.57% and a negative net margin of 53.08%. The firm had revenue of $34.36 million during the quarter, compared to analysts’ expectations of $34.26 million. During the same period in the prior year, the firm posted $0.06 earnings per share. Ardelyx’s revenue for the quarter was down 22.2% compared to the same quarter last year. Analysts forecast that Ardelyx will post -0.44 EPS for the current fiscal year.

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.