BTIG Research Lowers Ardelyx (NASDAQ:ARDX) Price Target to $14.00

Ardelyx (NASDAQ:ARDX) had its price target dropped by equities research analysts at BTIG Research from $17.00 to $14.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. BTIG Research’s target price suggests a potential upside of 236.38% from the stock’s current price.

A number of other equities analysts have also recently weighed in on ARDX. LADENBURG THALM/SH SH started coverage on Ardelyx in a report on Tuesday, June 16th. They issued a “buy” rating and a $16.00 price target for the company. Weiss Ratings downgraded shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 29th. Zacks Research lowered shares of Ardelyx from a “hold” rating to a “strong sell” rating in a report on Wednesday, July 22nd. Finally, HC Wainwright reaffirmed a “buy” rating and set a $13.00 price target on shares of Ardelyx in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $15.30.

Ardelyx Stock Performance

NASDAQ:ARDX opened at $4.16 on Friday. The company has a current ratio of 3.49, a quick ratio of 3.28 and a debt-to-equity ratio of 1.37. The company has a market capitalization of $1.03 billion, a P/E ratio of -18.08 and a beta of 0.70. The firm has a 50-day moving average price of $5.41 and a two-hundred day moving average price of $6.09. Ardelyx has a twelve month low of $3.90 and a twelve month high of $8.40.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.02). Ardelyx had a negative net margin of 13.58% and a negative return on equity of 38.11%. The business had revenue of $120.88 million during the quarter, compared to analysts’ expectations of $121.03 million. During the same period last year, the company earned ($0.08) EPS. The firm’s revenue for the quarter was up 34.3% on a year-over-year basis. As a group, research analysts expect that Ardelyx will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling at Ardelyx

In related news, insider Eric Duane Foster sold 7,998 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $50,147.46. Following the transaction, the insider directly owned 417,972 shares in the company, valued at approximately $2,620,684.44. This represents a 1.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Mike Kelliher sold 7,248 shares of Ardelyx stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.27, for a total value of $45,444.96. Following the completion of the sale, the insider owned 357,418 shares of the company’s stock, valued at $2,241,010.86. This trade represents a 1.99% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 24,572 shares of company stock valued at $154,066 over the last quarter. Insiders own 5.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in shares of Ardelyx by 3.3% in the 4th quarter. Vanguard Group Inc. now owns 18,979,483 shares of the biopharmaceutical company’s stock worth $110,650,000 after purchasing an additional 610,162 shares during the period. Janus Henderson Group PLC lifted its position in Ardelyx by 5.0% during the fourth quarter. Janus Henderson Group PLC now owns 14,514,692 shares of the biopharmaceutical company’s stock valued at $84,583,000 after buying an additional 690,599 shares in the last quarter. State Street Corp grew its stake in Ardelyx by 22.6% during the fourth quarter. State Street Corp now owns 11,912,339 shares of the biopharmaceutical company’s stock worth $69,449,000 after buying an additional 2,193,649 shares during the period. Geode Capital Management LLC increased its position in shares of Ardelyx by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 5,827,618 shares of the biopharmaceutical company’s stock worth $33,981,000 after acquiring an additional 70,832 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Ardelyx by 88.8% during the 2nd quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company’s stock valued at $21,670,000 after acquiring an additional 2,600,080 shares in the last quarter. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Company Profile

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.