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

Ardelyx, Inc. (NASDAQ:ARDX) has earned an average recommendation of “Buy” from the eight analysts that are covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a hold recommendation, six have given a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $11.67.

A number of brokerages recently issued reports on ARDX. Wedbush reiterated an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a research note on Friday, August 2nd. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. HC Wainwright raised their price objective 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. Citigroup upped their target price on shares of Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Finally, Piper Sandler cut Ardelyx from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd.

Insiders Place Their Bets

In other news, insider David P. Rosenbaum sold 20,507 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total transaction of $123,042.00. Following the completion of the transaction, the insider now owns 158,502 shares in the company, valued at $951,012. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider David P. Rosenbaum sold 20,507 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total transaction of $123,042.00. Following the completion of the transaction, the insider now directly owns 158,502 shares of the company’s stock, valued at $951,012. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Raab sold 35,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $5.61, for a total value of $196,350.00. Following the transaction, the chief executive officer now owns 1,220,608 shares of the company’s stock, valued at approximately $6,847,610.88. The disclosure for this sale can be found here. Insiders have sold a total of 167,562 shares of company stock worth $977,130 in the last 90 days. 5.50% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

Large investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC grew its stake in shares of Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 3,233 shares in the last quarter. HighMark Wealth Management LLC bought a new position in shares of Ardelyx in the 1st quarter valued at about $36,000. Redwood Wealth Management Group LLC purchased a new position in Ardelyx in the second quarter worth about $62,000. Coastal Bridge Advisors LLC bought a new stake in Ardelyx during the second quarter worth approximately $74,000. Finally, Jump Financial LLC purchased a new stake in Ardelyx during the fourth quarter valued at approximately $63,000. Institutional investors own 58.92% of the company’s stock.

Ardelyx Stock Up 3.6 %

ARDX opened at $6.89 on Friday. Ardelyx has a 1-year low of $3.16 and a 1-year high of $10.13. The firm’s 50 day simple moving average is $5.93 and its two-hundred day simple moving average is $6.55. The company has a current ratio of 4.21, a quick ratio of 3.99 and a debt-to-equity ratio of 0.68. The company has a market capitalization of $1.60 billion, a PE ratio of -24.61 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last released its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating 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%. Ardelyx’s quarterly revenue was up 228.3% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.08) earnings per share. As a group, equities analysts forecast that Ardelyx will post -0.26 EPS for the current year.

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.