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

Ardelyx, Inc. (NASDAQ:ARDX) has been given an average recommendation of “Buy” by the nine brokerages that are presently covering the company, Marketbeat.com reports. Eight investment analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $12.81.

Several research firms recently weighed in on ARDX. Piper Sandler reiterated an “overweight” rating and issued a $15.00 target price on shares of Ardelyx in a research note on Friday, May 24th. SVB Leerink started coverage on shares of Ardelyx in a research report on Friday, April 5th. They issued an “outperform” rating and a $14.00 price target for the company. Leerink Partnrs reaffirmed an “outperform” rating on shares of Ardelyx in a report on Friday, April 5th. Wedbush reaffirmed an “outperform” rating and set a $15.00 price objective on shares of Ardelyx in a report on Friday, May 24th. Finally, StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Thursday, June 6th.

Insiders Place Their Bets

In other Ardelyx news, insider David P. Rosenbaum sold 17,872 shares of the business’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $7.00, for a total transaction of $125,104.00. Following the sale, the insider now directly owns 158,502 shares of the company’s stock, valued at approximately $1,109,514. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Ardelyx news, CEO Michael Raab sold 30,000 shares of the stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $6.40, for a total value of $192,000.00. Following the transaction, the chief executive officer now directly owns 1,310,933 shares of the company’s stock, valued at approximately $8,389,971.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider David P. Rosenbaum sold 17,872 shares of the stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $7.00, for a total transaction of $125,104.00. Following the completion of the transaction, the insider now directly owns 158,502 shares in the company, valued at $1,109,514. The disclosure for this sale can be found here. Insiders have sold 495,327 shares of company stock valued at $3,886,619 in the last three months. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. HighMark Wealth Management LLC acquired a new position in shares of Ardelyx during the 1st quarter worth approximately $36,000. Newbridge Financial Services Group Inc. acquired a new stake in Ardelyx in the first quarter valued at approximately $64,000. SJS Investment Consulting Inc. acquired a new stake in Ardelyx in the fourth quarter valued at approximately $62,000. Jump Financial LLC acquired a new stake in Ardelyx in the fourth quarter valued at approximately $63,000. Finally, Paloma Partners Management Co acquired a new stake in Ardelyx in the first quarter valued at approximately $86,000. Institutional investors and hedge funds own 58.92% of the company’s stock.

Ardelyx Trading Down 5.4 %

NASDAQ ARDX opened at $5.95 on Thursday. The company has a current ratio of 4.53, a quick ratio of 4.36 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $1.38 billion, a PE ratio of -21.25 and a beta of 0.79. Ardelyx has a 1-year low of $3.16 and a 1-year high of $10.13. The firm’s fifty day simple moving average is $7.06 and its 200-day simple moving average is $7.56.

Ardelyx (NASDAQ:ARDX) last posted its earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. Ardelyx had a negative net margin of 41.36% and a negative return on equity of 41.65%. The firm had revenue of $46.00 million for the quarter, compared to the consensus estimate of $36.40 million. During the same period in the prior year, the business posted ($0.13) earnings per share. The business’s quarterly revenue was up 303.5% on a year-over-year basis. As a group, sell-side analysts anticipate that Ardelyx will post -0.36 earnings per share for the current fiscal year.

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.