Ardelyx, Inc. (NASDAQ:ARDX) Receives $10.42 Average PT from Brokerages

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have received an average recommendation of “Moderate Buy” from the eight research firms that are covering the company, MarketBeat.com reports. Two research analysts have rated the stock with a hold recommendation, five have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $10.42.

Several brokerages have weighed in on ARDX. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Wedbush reissued an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research report on Friday, August 2nd. HC Wainwright cut Ardelyx from a “buy” rating to a “neutral” rating and decreased their target price for the company from $11.00 to $5.50 in a research note on Monday, November 11th. Finally, Citigroup lowered their target price on Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th.

Insider Buying and Selling at Ardelyx

In other news, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $6.22, for a total transaction of $46,650.00. Following the transaction, the chief executive officer now directly owns 1,219,509 shares of the company’s stock, valued at approximately $7,585,345.98. This trade represents a 0.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David P. Rosenbaum sold 49,564 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $6.92, for a total value of $342,982.88. Following the sale, the insider now directly owns 301,946 shares in the company, valued at $2,089,466.32. This represents a 14.10 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 189,962 shares of company stock worth $1,171,128 over the last 90 days. Company insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Ardelyx by 2.8% in the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock worth $97,761,000 after acquiring an additional 365,809 shares during the last quarter. State Street Corp grew its position 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 buying an additional 176,789 shares during the last quarter. Eventide Asset Management LLC raised its position in shares of Ardelyx by 11.2% during the third quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company’s stock worth $51,076,000 after acquiring an additional 746,067 shares during the last quarter. Geode Capital Management LLC increased its position in Ardelyx by 0.3% during the 3rd quarter. Geode Capital Management LLC now owns 5,487,742 shares of the biopharmaceutical company’s stock valued at $37,818,000 after purchasing an additional 17,296 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its position in shares of Ardelyx by 68.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock worth $28,572,000 after purchasing an additional 1,584,597 shares during the period. Institutional investors own 58.92% of the company’s stock.

Ardelyx Stock Performance

Shares of Ardelyx stock opened at $4.79 on Friday. The firm has a 50 day simple moving average of $5.92 and a 200 day simple moving average of $6.23. Ardelyx has a fifty-two week low of $4.06 and a fifty-two week high of $10.13. The company has a debt-to-equity ratio of 0.64, a current ratio of 4.03 and a quick ratio of 3.87. The firm has a market cap of $1.13 billion, a P/E ratio of -15.93 and a beta of 0.92.

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.