Analysts Set Ardelyx, Inc. (NASDAQ:ARDX) PT at $11.67

Ardelyx, Inc. (NASDAQ:ARDX) has been given a consensus recommendation of “Buy” by the eight analysts that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $11.67.

Several equities analysts have recently issued reports on the company. Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $15.00 to $7.00 in a research report on Tuesday, July 2nd. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. HC Wainwright raised their price target on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Wedbush restated an “outperform” rating and issued a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. Finally, Citigroup increased their target price on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, August 2nd.

Ardelyx Price Performance

Shares of ARDX opened at $5.77 on Wednesday. Ardelyx has a fifty-two week low of $3.43 and a fifty-two week high of $10.13. The firm’s 50-day simple moving average is $6.09 and its two-hundred day simple moving average is $6.36. The stock has a market cap of $1.34 billion, a PE ratio of -20.61 and a beta of 0.90. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.99 and a current ratio of 4.21.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.11) by $0.04. The company had revenue of $73.20 million for the quarter, compared to the consensus estimate of $55.03 million. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The firm’s quarterly revenue was up 228.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.08) EPS. Analysts anticipate that Ardelyx will post -0.25 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ardelyx news, CFO Justin A. Renz sold 5,289 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total value of $30,993.54. Following the transaction, the chief financial officer now owns 295,257 shares of the company’s stock, valued at approximately $1,730,206.02. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider David P. Rosenbaum sold 20,507 shares of the company’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total value of $123,042.00. Following the completion of the sale, the insider now directly owns 158,502 shares in the company, valued at $951,012. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Justin A. Renz sold 5,289 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total value of $30,993.54. Following the completion of the transaction, the chief financial officer now directly owns 295,257 shares in the company, valued at approximately $1,730,206.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 187,126 shares of company stock valued at $1,151,213 over the last 90 days. Company insiders own 5.50% of the company’s stock.

Institutional Trading of Ardelyx

Hedge funds and other institutional investors have recently bought and sold shares of the stock. World Equity Group Inc. increased its holdings in Ardelyx by 15.4% in the 2nd quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock worth $136,000 after acquiring an additional 2,453 shares in the last quarter. Nisa Investment Advisors LLC boosted its position in shares of Ardelyx by 1,026.3% in the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 3,233 shares during the period. ProShare Advisors LLC increased its stake in shares of Ardelyx by 8.9% in the first quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock worth $421,000 after purchasing an additional 4,735 shares in the last quarter. Values First Advisors Inc. lifted its stake in shares of Ardelyx by 14.6% during the 3rd quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company’s stock valued at $319,000 after buying an additional 5,890 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Ardelyx by 34.3% during the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 28,365 shares of the biopharmaceutical company’s stock valued at $195,000 after buying an additional 7,245 shares in the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

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.