BTIG Research Has Lowered Expectations for Ardelyx (NASDAQ:ARDX) Stock Price

Ardelyx (NASDAQ:ARDX) had its price objective decreased by equities researchers at BTIG Research from $14.00 to $11.00 in a report released on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. BTIG Research‘s price objective indicates a potential upside of 275.43% from the stock’s previous close.

A number of other analysts also recently weighed in on the company. TD Cowen assumed coverage on Ardelyx in a report on Wednesday, November 4th. They set a “strong-buy” rating for the company. HC Wainwright restated a “buy” rating and set a $13.00 target price on shares of Ardelyx in a research report on Friday, August 7th. Piper Sandler decreased their target price on Ardelyx from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, August 17th. Wedbush restated an “outperform” rating and set a $9.00 price target on shares of Ardelyx in a report on Tuesday, August 18th. Finally, Citigroup reduced their price objective on shares of Ardelyx from $14.00 to $11.00 and set a “buy” rating for the company in a research report on Monday, August 10th. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $13.60.

Ardelyx Stock Performance

Shares of NASDAQ ARDX opened at $2.93 on Monday. Ardelyx has a 52-week low of $2.80 and a 52-week high of $8.40. The company’s 50 day moving average price is $3.33 and its 200-day moving average price is $5.21. The company has a debt-to-equity ratio of 1.54, a quick ratio of 3.15 and a current ratio of 3.45.

Insider Activity at Ardelyx

In other Ardelyx news, insider John E. Bishop sold 19,750 shares of the firm’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $3.86, for a total value of $76,235.00. Following the transaction, the insider directly owned 317,095 shares of the company’s stock, valued at approximately $1,223,986.70. This trade represents a 5.86% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Eric Foster sold 8,562 shares of Ardelyx stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $33,049.32. Following the transaction, the insider owned 409,410 shares of the company’s stock, valued at $1,580,322.60. This represents a 2.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 126,059 shares of company stock valued at $486,588 over the last three months. 5.30% of the stock is currently owned by company insiders.

Institutional Trading of Ardelyx

Several institutional investors and hedge funds have recently modified their holdings of ARDX. Sterling Capital Management LLC lifted its holdings in shares of Ardelyx by 842.7% in the third quarter. Sterling Capital Management LLC now owns 8,088 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 7,230 shares in the last quarter. Northwestern Mutual Wealth Management Co. bought a new position in shares of Ardelyx during the second quarter valued at about $35,000. Kestra Advisory Services LLC purchased a new position in Ardelyx during the third quarter worth about $39,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Ardelyx during the third quarter worth about $44,000. Finally, Vontobel Holding Ltd. bought a new stake in Ardelyx in the 3rd quarter worth about $46,000. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Company Profile

Ardelyx, Inc is a biopharmaceutical company focused on developing and commercializing therapies for gastrointestinal and cardiorenal diseases. The company’s platform is centered on regulating ion transport in the gut, with the goal of addressing conditions that are inadequately served by existing treatments.

Ardelyx’s marketed products include IBSRELA (tenapanor), an oral treatment for adults with irritable bowel syndrome with constipation, and XPHOZAH (tenapanor), a therapy designed to reduce serum phosphorus in adults with chronic kidney disease on dialysis who have an inadequate response to, or are intolerant of, phosphate binders.