Ardelyx, Inc. (NASDAQ:ARDX) Receives $11.43 Average Price Target from Analysts

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have been assigned a consensus rating of “Buy” from the eight research firms that are covering the company, MarketBeat reports. One analyst has rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among analysts that have updated their coverage on the stock in the last year is $11.43.

A number of equities research analysts have issued reports on ARDX shares. Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a research report on Thursday, June 20th. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a research report on Wednesday, July 31st. HC Wainwright boosted their price target on Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Piper Sandler downgraded Ardelyx from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $15.00 to $7.00 in a research report on Tuesday, July 2nd. Finally, Citigroup boosted their price target on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, August 2nd.

Insider Activity

In related news, insider David P. Rosenbaum sold 17,872 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $7.00, for a total transaction of $125,104.00. Following the transaction, the insider now directly owns 158,502 shares in the company, valued at $1,109,514. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ardelyx news, insider David P. Rosenbaum sold 17,872 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $7.00, for a total transaction of $125,104.00. Following the sale, the insider now directly owns 158,502 shares of the company’s stock, valued at $1,109,514. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Laura A. Williams sold 145,000 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $7.12, for a total transaction of $1,032,400.00. Following the completion of the transaction, the insider now owns 322,152 shares in the company, valued at $2,293,722.24. The disclosure for this sale can be found here. In the last ninety days, insiders sold 284,411 shares of company stock worth $1,903,349. 5.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Nisa Investment Advisors LLC lifted its holdings 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 purchasing an additional 3,233 shares during the last quarter. HighMark Wealth Management LLC acquired a new stake in Ardelyx in the first quarter worth $36,000. Redwood Wealth Management Group LLC bought a new stake in Ardelyx in the second quarter valued at $62,000. Jump Financial LLC acquired a new position in shares of Ardelyx during the fourth quarter valued at $63,000. Finally, Newbridge Financial Services Group Inc. bought a new position in shares of Ardelyx during the first quarter worth about $64,000. 58.92% of the stock is currently owned by institutional investors and hedge funds.

Ardelyx Stock Performance

NASDAQ:ARDX opened at $5.88 on Friday. Ardelyx has a fifty-two week low of $3.16 and a fifty-two week high of $10.13. The firm’s 50 day moving average is $5.92 and its two-hundred day moving average is $7.24. The company has a market cap of $1.37 billion, a P/E ratio of -21.00 and a beta of 0.83. The company has a quick ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66.

Ardelyx (NASDAQ:ARDX) last issued its 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. Ardelyx had a negative return on equity of 38.41% and a negative net margin of 31.02%. The business had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. During the same period last year, the company posted ($0.08) EPS. The business’s quarterly revenue was up 228.3% on a year-over-year basis. Analysts expect that Ardelyx will post -0.34 EPS for the current year.

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.