Ardelyx (NASDAQ:ARDX) Shares Up 8.2% – Time to Buy?

Shares of Ardelyx, Inc. (NASDAQ:ARDX) were up 8.2% on Tuesday . The stock traded as high as $6.17 and last traded at $6.1150. Approximately 1,999,031 shares traded hands during trading, a decline of 55% from the average daily volume of 4,460,933 shares. The stock had previously closed at $5.65.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ARDX. Piper Sandler lifted their price target on shares of Ardelyx from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, November 4th. Cowen reaffirmed a “buy” rating on shares of Ardelyx in a research report on Friday, October 31st. Wedbush reiterated an “outperform” rating and issued a $14.00 target price (up previously from $13.00) on shares of Ardelyx in a report on Tuesday, August 5th. Citigroup upped their price target on Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, November 3rd. Finally, TD Cowen raised their price target on Ardelyx from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, October 31st. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $11.73.

Ardelyx Price Performance

The stock’s 50-day moving average is $5.70 and its 200 day moving average is $4.90. The company has a debt-to-equity ratio of 1.44, a quick ratio of 4.03 and a current ratio of 4.30. The stock has a market capitalization of $1.49 billion, a PE ratio of -26.65 and a beta of 0.66.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, October 30th. The biopharmaceutical company reported $0.00 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.06. The firm had revenue of $110.33 million during the quarter, compared to analysts’ expectations of $100.44 million. Ardelyx had a negative net margin of 14.60% and a negative return on equity of 36.57%. The firm’s revenue for the quarter was up 14.6% on a year-over-year basis. As a group, equities analysts expect that Ardelyx, Inc. will post -0.18 earnings per share for the current year.

Insider Transactions at Ardelyx

In related news, insider Mike Kelliher sold 5,417 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The stock was sold at an average price of $5.93, for a total transaction of $32,122.81. Following the transaction, the insider owned 276,741 shares in the company, valued at $1,641,074.13. This trade represents a 1.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Elizabeth A. Grammer sold 5,841 shares of Ardelyx stock in a transaction on Thursday, August 21st. The shares were sold at an average price of $5.93, for a total transaction of $34,637.13. Following the completion of the transaction, the insider directly owned 305,890 shares in the company, valued at $1,813,927.70. The trade was a 1.87% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 165,551 shares of company stock worth $996,917. Insiders own 4.80% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Hedge funds and other institutional investors have recently bought and sold shares of the company. DCF Advisers LLC purchased a new position in shares of Ardelyx during the 2nd quarter worth approximately $39,000. Brighton Jones LLC acquired a new stake in Ardelyx during the 2nd quarter valued at $40,000. Focus Partners Advisor Solutions LLC acquired a new stake in Ardelyx during the 1st quarter valued at $56,000. SBI Securities Co. Ltd. increased its position in Ardelyx by 147.0% during the third quarter. SBI Securities Co. Ltd. now owns 10,253 shares of the biopharmaceutical company’s stock worth $56,000 after buying an additional 6,102 shares in the last quarter. Finally, State of Wyoming acquired a new position in shares of Ardelyx in the second quarter worth $61,000. 58.92% of the stock is owned by institutional investors and hedge funds.

Ardelyx Company Profile

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.