Ardelyx (NASDAQ:ARDX) PT Raised to $14.00 at Citigroup

Ardelyx (NASDAQ:ARDX) had its target price boosted by Citigroup from $13.00 to $14.00 in a research report report published on Friday morning, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

ARDX has been the topic of a number of other research reports. Piper Sandler upped their target price on Ardelyx from $12.00 to $15.00 and gave the company an overweight rating in a research note on Friday, February 23rd. Leerink Partnrs reaffirmed an outperform rating on shares of Ardelyx in a research report on Friday, April 5th. Cantor Fitzgerald reiterated an overweight rating on shares of Ardelyx in a research note on Friday, January 12th. SVB Leerink began coverage on shares of Ardelyx in a research note on Friday, April 5th. They set an outperform rating and a $14.00 target price for the company. Finally, Wedbush raised their price target on shares of Ardelyx from $14.00 to $15.00 and gave the stock an outperform rating in a research note on Friday. One equities research analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and a consensus target price of $12.81.

Ardelyx Stock Up 28.4 %

NASDAQ ARDX opened at $8.72 on Friday. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. Ardelyx has a 52 week low of $3.16 and a 52 week high of $10.13. The firm has a market capitalization of $2.04 billion, a price-to-earnings ratio of -31.14 and a beta of 0.87. The company has a fifty day moving average of $7.67 and a two-hundred day moving average of $6.83.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The firm had revenue of $46.00 million during the quarter, compared to analysts’ expectations of $36.40 million. Ardelyx had a negative net margin of 41.36% and a negative return on equity of 41.03%. The firm’s revenue for the quarter was up 303.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.13) EPS. On average, analysts predict that Ardelyx will post -0.44 earnings per share for the current year.

Insider Activity

In other news, insider Robert Blanks sold 5,017 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $8.75, for a total transaction of $43,898.75. Following the transaction, the insider now directly owns 368,186 shares in the company, valued at $3,221,627.50. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, insider David P. Rosenbaum sold 15,344 shares of the stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $9.18, for a total transaction of $140,857.92. Following the completion of the sale, the insider now owns 384,002 shares of the company’s stock, valued at $3,525,138.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Robert Blanks sold 5,017 shares of the firm’s stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $8.75, for a total transaction of $43,898.75. Following the completion of the sale, the insider now owns 368,186 shares of the company’s stock, valued at $3,221,627.50. The disclosure for this sale can be found here. In the last quarter, insiders sold 178,820 shares of company stock worth $1,400,524. 5.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Ardelyx

Several hedge funds and other institutional investors have recently made changes to their positions in ARDX. HighMark Wealth Management LLC purchased a new position in Ardelyx during the 1st quarter worth $36,000. Willis Johnson & Associates Inc. acquired a new stake in Ardelyx in the third quarter worth about $41,000. SJS Investment Consulting Inc. purchased a new stake in shares of Ardelyx during the fourth quarter worth about $62,000. Sherbrooke Park Advisers LLC acquired a new position in shares of Ardelyx during the third quarter valued at about $63,000. Finally, Jump Financial LLC purchased a new position in shares of Ardelyx in the 4th quarter valued at approximately $63,000. Hedge funds and other 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.