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

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have been assigned a consensus rating of “Buy” from the nine brokerages that are currently covering the company, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold rating, five have assigned a buy rating and two have issued a strong buy rating on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $9.93.

ARDX has been the topic of several recent research reports. Jefferies Financial Group reduced their target price on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Raymond James reiterated a “strong-buy” rating and issued a $13.00 price objective (down previously from $15.00) on shares of Ardelyx in a report on Friday, February 21st. Piper Sandler boosted their price objective 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 reiterated a “neutral” rating and issued a $5.50 price objective on shares of Ardelyx in a report on Friday, February 21st. Finally, Citigroup dropped their target price on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th.

Insider Buying and Selling

In other news, CFO Justin A. Renz sold 5,171 shares of the firm’s stock in a transaction dated Thursday, February 20th. The shares were sold at an average price of $5.62, for a total transaction of $29,061.02. Following the completion of the transaction, the chief financial officer now directly owns 285,968 shares of the company’s stock, valued at approximately $1,607,140.16. This trade represents a 1.78 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David M. Mott bought 213,300 shares of the company’s stock in a transaction that occurred on Thursday, December 19th. The shares were purchased at an average price of $4.67 per share, with a total value of $996,111.00. Following the transaction, the director now directly owns 1,638,765 shares in the company, valued at $7,653,032.55. This represents a 14.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders bought 490,029 shares of company stock valued at $2,377,766 and sold 141,408 shares valued at $761,963. 5.90% of the stock is owned by insiders.

Hedge Funds Weigh In On Ardelyx

A number of institutional investors have recently modified their holdings of ARDX. Wealth Enhancement Advisory Services LLC raised its stake in shares of Ardelyx by 34.3% during the third quarter. Wealth Enhancement Advisory Services LLC now owns 28,365 shares of the biopharmaceutical company’s stock worth $195,000 after buying an additional 7,245 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its position in shares of Ardelyx by 64.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 45,280 shares of the biopharmaceutical company’s stock worth $312,000 after purchasing an additional 17,792 shares in the last quarter. Tyler Stone Wealth Management lifted its position in shares of Ardelyx by 87.0% in the third quarter. Tyler Stone Wealth Management now owns 96,850 shares of the biopharmaceutical company’s stock worth $667,000 after purchasing an additional 45,055 shares in the last quarter. Los Angeles Capital Management LLC lifted its position in shares of Ardelyx by 51.8% in the third quarter. Los Angeles Capital Management LLC now owns 170,544 shares of the biopharmaceutical company’s stock worth $1,175,000 after purchasing an additional 58,219 shares in the last quarter. Finally, Aigen Investment Management LP raised its position in Ardelyx by 29.4% during the third quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company’s stock worth $162,000 after acquiring an additional 5,346 shares in the last quarter. 58.92% of the stock is owned by institutional investors.

Ardelyx Price Performance

ARDX stock opened at $5.08 on Tuesday. The firm has a 50 day moving average of $5.34 and a 200-day moving average of $5.61. Ardelyx has a 12-month low of $4.32 and a 12-month high of $9.83. The company has a current ratio of 4.58, a quick ratio of 4.31 and a debt-to-equity ratio of 0.87. The company has a market cap of $1.21 billion, a price-to-earnings ratio of -31.75 and a beta of 0.85.

Ardelyx (NASDAQ:ARDX) last released its earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 EPS for the quarter, hitting the consensus estimate of $0.02. The firm had revenue of $116.13 million during the quarter, compared to analysts’ expectations of $111.16 million. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. As a group, equities analysts expect that Ardelyx will post -0.18 EPS for the current fiscal 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.