Ardelyx, Inc. (NASDAQ:ARDX) Receives $12.69 Consensus Price Target from Analysts

Ardelyx, Inc. (NASDAQ:ARDX) has received a consensus rating of “Buy” from the nine research firms that are presently covering the stock, MarketBeat reports. Eight research analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price target among brokers that have covered the stock in the last year is $12.81.

ARDX has been the topic of several recent analyst reports. Raymond James boosted their target price on Ardelyx from $12.00 to $15.00 and gave the stock a “strong-buy” rating in a report on Tuesday, January 9th. Leerink Partnrs restated an “outperform” rating on shares of Ardelyx in a research report on Friday, April 5th. StockNews.com cut Ardelyx from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. Citigroup raised their price target on Ardelyx from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday. Finally, Wedbush upped their target price on shares of Ardelyx from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Friday.

Ardelyx Price Performance

Shares of NASDAQ:ARDX opened at $8.72 on Wednesday. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. The business has a 50 day moving average price of $7.67 and a 200 day moving average price of $6.79. The company has a market cap of $2.04 billion, a price-to-earnings ratio of -29.07 and a beta of 0.87. Ardelyx has a twelve month low of $3.16 and a twelve month high of $10.13.

Ardelyx (NASDAQ:ARDX) last released its earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $46.00 million during the quarter, compared to analysts’ expectations of $36.40 million. Ardelyx had a negative net margin of 53.08% and a negative return on equity of 43.57%. The firm’s revenue was up 303.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.13) earnings per share. Research analysts predict that Ardelyx will post -0.44 earnings per share for the current year.

Insider Transactions at Ardelyx

In related news, CEO Michael Raab sold 30,000 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $6.40, for a total value of $192,000.00. Following the transaction, the chief executive officer now owns 1,310,933 shares in the company, valued at $8,389,971.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Elizabeth A. Grammer sold 86,000 shares of the company’s stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total transaction of $664,780.00. Following the completion of the transaction, the insider now directly owns 312,993 shares in the company, valued at approximately $2,419,435.89. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Michael Raab sold 30,000 shares of Ardelyx stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $6.40, for a total transaction of $192,000.00. Following the sale, the chief executive officer now owns 1,310,933 shares in the company, valued at $8,389,971.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 178,820 shares of company stock valued at $1,400,524. 5.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Ardelyx

Institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in Ardelyx in the third quarter valued at $848,000. Raymond James Financial Services Advisors Inc. lifted its position in Ardelyx by 37.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 57,425 shares of the biopharmaceutical company’s stock valued at $234,000 after acquiring an additional 15,554 shares in the last quarter. Willis Johnson & Associates Inc. acquired a new position in Ardelyx during the 3rd quarter valued at about $41,000. Inspire Investing LLC purchased a new stake in shares of Ardelyx in the third quarter worth approximately $307,000. Finally, TD Asset Management Inc lifted its holdings in shares of Ardelyx by 100.0% in the third quarter. TD Asset Management Inc now owns 273,600 shares of the biopharmaceutical company’s stock valued at $1,116,000 after purchasing an additional 136,800 shares in the last quarter. 58.92% of the stock is currently owned by institutional investors.

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.