Ardelyx, Inc. (NASDAQ:ARDX) Receives $9.93 Average PT from Analysts

Ardelyx, Inc. (NASDAQ:ARDX) has earned a consensus recommendation of “Buy” from the nine analysts that are currently covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, five have given a buy rating and two have assigned a strong buy rating to the company. The average 12-month price target among analysts that have updated their coverage on the stock in the last year is $9.93.

Several research analysts have issued reports on ARDX shares. Piper Sandler raised their price target on shares of Ardelyx from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Monday, January 27th. HC Wainwright reissued a “neutral” rating and issued a $5.50 price target on shares of Ardelyx in a research report on Friday, February 21st. Citigroup cut their price objective 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. Raymond James reaffirmed a “strong-buy” rating and set a $13.00 price objective (down from $15.00) on shares of Ardelyx in a report on Friday, February 21st. Finally, Cantor Fitzgerald upgraded Ardelyx to a “strong-buy” rating in a research note on Thursday, January 30th.

Ardelyx Trading Down 5.2 %

Shares of Ardelyx stock opened at $5.08 on Tuesday. The company has a market capitalization of $1.21 billion, a price-to-earnings ratio of -31.75 and a beta of 0.85. The company has a quick ratio of 4.31, a current ratio of 4.58 and a debt-to-equity ratio of 0.87. Ardelyx has a 12-month low of $4.32 and a 12-month high of $9.83. The firm’s 50-day moving average price is $5.34 and its two-hundred day moving average price is $5.61.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.02. The company had revenue of $116.13 million for the quarter, compared to the consensus estimate of $111.16 million. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. On average, analysts forecast that Ardelyx will post -0.18 earnings per share for the current fiscal year.

Insider Transactions at Ardelyx

In other news, CEO Michael Raab sold 22,964 shares of the firm’s stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $5.62, for a total value of $129,057.68. Following the transaction, the chief executive officer now owns 1,085,755 shares of the company’s stock, valued at $6,101,943.10. This trade represents a 2.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director David M. Mott bought 77,729 shares of the firm’s stock in a transaction that occurred on Monday, February 24th. The shares were acquired at an average cost of $5.00 per share, for a total transaction of $388,645.00. Following the purchase, the director now directly owns 2,015,494 shares in the company, valued at $10,077,470. This trade represents a 4.01 % increase in their position. The disclosure for this purchase can be found here. Over the last three months, insiders have purchased 490,029 shares of company stock valued at $2,377,766 and have sold 141,408 shares valued at $761,963. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Institutional investors and hedge funds have recently modified their holdings of the stock. State Street Corp boosted its holdings in Ardelyx by 1.5% during the 3rd quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company’s stock valued at $83,657,000 after acquiring an additional 176,789 shares during the period. 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 valued at $21,085,000 after buying an additional 1,243,606 shares during the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Ardelyx by 274.3% in the third quarter. BNP Paribas Financial Markets now owns 181,387 shares of the biopharmaceutical company’s stock valued at $1,250,000 after purchasing an additional 132,928 shares during the period. Vestal Point Capital LP acquired a new position in shares of Ardelyx in the third quarter valued at about $3,445,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Ardelyx by 1.6% in the third quarter. JPMorgan Chase & Co. now owns 387,144 shares of the biopharmaceutical company’s stock valued at $2,667,000 after purchasing an additional 6,093 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

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.