Ardelyx, Inc. (NASDAQ:ARDX) Receives $11.67 Consensus Target Price from Brokerages

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have received an average recommendation of “Buy” from the eight brokerages that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $11.67.

Several equities research analysts recently weighed in on ARDX shares. Citigroup lifted their price objective on Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a report on Friday, August 2nd. Wedbush reiterated an “outperform” rating and issued a $11.00 target price on shares of Ardelyx in a research note on Friday, August 2nd. Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Finally, Piper Sandler cut shares of Ardelyx from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd.

Insider Buying and Selling

In related news, CEO Michael Raab sold 7,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 27th. The shares were sold at an average price of $6.22, for a total value of $46,650.00. Following the transaction, the chief executive officer now directly owns 1,219,509 shares in the company, valued at $7,585,345.98. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction dated Tuesday, August 27th. The stock was sold at an average price of $6.22, for a total transaction of $46,650.00. Following the transaction, the chief executive officer now directly owns 1,219,509 shares of the company’s stock, valued at approximately $7,585,345.98. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider David P. Rosenbaum sold 20,507 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total value of $123,042.00. Following the completion of the sale, the insider now owns 158,502 shares of the company’s stock, valued at approximately $951,012. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 199,560 shares of company stock valued at $1,203,770. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Several institutional investors and hedge funds have recently made changes to their positions in the business. World Equity Group Inc. grew its stake in shares of Ardelyx by 15.4% during the second quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock valued at $136,000 after buying an additional 2,453 shares during the last quarter. Nisa Investment Advisors LLC increased its stake in 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 period. ProShare Advisors LLC lifted its position in Ardelyx by 8.9% in the first quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock valued at $421,000 after purchasing an additional 4,735 shares during the last quarter. HighMark Wealth Management LLC purchased a new stake in shares of Ardelyx during the first quarter valued at approximately $36,000. Finally, Victory Capital Management Inc. boosted its stake in shares of Ardelyx by 31.0% during the fourth quarter. Victory Capital Management Inc. now owns 30,100 shares of the biopharmaceutical company’s stock valued at $187,000 after purchasing an additional 7,117 shares during the period. Institutional investors own 58.92% of the company’s stock.

Ardelyx Stock Down 2.9 %

ARDX opened at $5.60 on Tuesday. The company’s 50-day moving average price is $5.82 and its two-hundred day moving average price is $6.88. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. Ardelyx has a twelve month low of $3.16 and a twelve month high of $10.13. The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -20.00 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.11) by $0.04. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The business had revenue of $73.20 million for the quarter, compared to the consensus estimate of $55.03 million. During the same quarter in the prior year, the business earned ($0.08) earnings per share. Ardelyx’s revenue for the quarter was up 228.3% on a year-over-year basis. As a group, equities analysts expect that Ardelyx will post -0.26 earnings per share 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.