Ardelyx, Inc. (NASDAQ:ARDX) Receives $10.07 Consensus Target Price from Brokerages

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have received an average rating of “Moderate Buy” from the eight research firms that are covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation and six have given a buy recommendation to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $9.25.

A number of analysts have recently weighed in on ARDX shares. Citigroup reduced their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Monday, November 4th. HC Wainwright cut Ardelyx from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $11.00 to $5.50 in a research note on Monday, November 11th. Finally, Jefferies Financial Group lowered their price objective on Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd.

Ardelyx Trading Down 1.3 %

Shares of ARDX opened at $5.34 on Monday. The stock has a market capitalization of $1.26 billion, a PE ratio of -17.80 and a beta of 0.85. The company’s fifty day moving average is $5.23 and its 200 day moving average is $5.71. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. Ardelyx has a fifty-two week low of $4.32 and a fifty-two week high of $10.13.

Insider Buying and Selling

In other Ardelyx news, CEO Michael Raab sold 25,000 shares of the company’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $5.91, for a total value of $147,750.00. Following the transaction, the chief executive officer now directly owns 1,210,108 shares in the company, valued at $7,151,738.28. This represents a 2.02 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David M. Mott purchased 213,300 shares of the firm’s stock in a transaction dated Thursday, December 19th. The shares were bought at an average cost of $4.67 per share, with a total value of $996,111.00. Following the purchase, the director now directly owns 1,638,765 shares of the company’s stock, valued at approximately $7,653,032.55. This represents a 14.96 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders sold 184,192 shares of company stock valued at $1,013,345. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. State Street Corp raised its holdings in shares of Ardelyx by 1.5% in the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock valued at $83,657,000 after purchasing an additional 176,789 shares in the last quarter. Rubric Capital Management LP raised its stake in Ardelyx by 68.5% in the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company’s stock worth $21,085,000 after buying an additional 1,243,606 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in Ardelyx by 274.3% during the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock worth $1,250,000 after buying an additional 132,928 shares during the period. Vestal Point Capital LP bought a new stake in Ardelyx during the 3rd quarter valued at $3,445,000. Finally, Millennium Management LLC increased its holdings in shares of Ardelyx by 142.8% in the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock valued at $23,735,000 after acquiring an additional 1,883,995 shares during the period. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

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.