Ardelyx’s (ARDX) Outperform Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Ardelyx (NASDAQ:ARDX) in a report published on Thursday morning, Benzinga reports. They currently have a $11.00 target price on the biopharmaceutical company’s stock.

Other equities research analysts have also recently issued research reports about the company. Leerink Partnrs restated an outperform rating on shares of Ardelyx in a report on Friday, April 5th. SVB Leerink initiated coverage on Ardelyx in a research report on Friday, April 5th. They issued an outperform rating and a $14.00 price target for the company. Cantor Fitzgerald reaffirmed an overweight rating on shares of Ardelyx in a research note on Thursday, June 20th. Citigroup lowered their price objective on shares of Ardelyx from $14.00 to $10.00 and set a buy rating on the stock in a research note on Wednesday, July 3rd. Finally, Piper Sandler cut shares of Ardelyx from an overweight rating to a neutral rating and cut their target price for the stock from $15.00 to $7.00 in a research report on Tuesday, July 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average price target of $10.69.

Ardelyx Price Performance

Ardelyx stock opened at $5.51 on Thursday. The company has a market cap of $1.28 billion, a P/E ratio of -19.68 and a beta of 0.83. Ardelyx has a one year low of $3.16 and a one year high of $10.13. The business has a fifty day moving average of $6.52 and a two-hundred day moving average of $7.58. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.36 and a current ratio of 4.53.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $36.40 million. During the same quarter last year, the business earned ($0.13) earnings per share. The business’s revenue for the quarter was up 303.5% compared to the same quarter last year. As a group, analysts predict that Ardelyx will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Laura A. Williams sold 39,949 shares of the company’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $8.35, for a total value of $333,574.15. Following the completion of the transaction, the insider now directly owns 370,189 shares in the company, valued at $3,091,078.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ardelyx news, insider Laura A. Williams sold 39,949 shares of the stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $8.35, for a total transaction of $333,574.15. Following the transaction, the insider now owns 370,189 shares of the company’s stock, valued at $3,091,078.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Robert Ora Felsch sold 207,988 shares of Ardelyx stock in a transaction on Monday, May 6th. The shares were sold at an average price of $8.81, for a total value of $1,832,374.28. Following the completion of the transaction, the insider now owns 95,947 shares in the company, valued at approximately $845,293.07. The disclosure for this sale can be found here. Insiders sold a total of 534,119 shares of company stock valued at $4,109,050 over the last 90 days. Insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

Several institutional investors have recently bought and sold shares of the business. Nisa Investment Advisors LLC lifted its holdings in shares of Ardelyx by 1,026.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 3,233 shares in the last quarter. Hennion & Walsh Asset Management Inc. raised its position in Ardelyx by 34.0% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 588,192 shares of the biopharmaceutical company’s stock valued at $4,359,000 after purchasing an additional 149,365 shares during the period. Clay Northam Wealth Management LLC lifted its stake in shares of Ardelyx by 154.7% during the second quarter. Clay Northam Wealth Management LLC now owns 232,377 shares of the biopharmaceutical company’s stock worth $1,722,000 after purchasing an additional 141,145 shares in the last quarter. World Equity Group Inc. boosted its position in shares of Ardelyx by 15.4% in the second quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock worth $136,000 after buying an additional 2,453 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Ardelyx by 283.2% in the second quarter. SG Americas Securities LLC now owns 91,672 shares of the biopharmaceutical company’s stock valued at $679,000 after buying an additional 67,750 shares in the last quarter. 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.