Ardelyx, Inc. (NASDAQ:ARDX) Receives $12.69 Average PT from Brokerages

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have earned an average recommendation of “Buy” from the nine ratings firms that are currently covering the stock, Marketbeat Ratings reports. Eight research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokers that have issued a report on the stock in the last year is $12.81.

A number of research analysts have recently commented on ARDX shares. Raymond James increased their price target on Ardelyx from $12.00 to $15.00 and gave the company a “strong-buy” rating in a research note on Tuesday, January 9th. Piper Sandler increased their target price on Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a research report on Friday, February 23rd. Citigroup boosted their price target on Ardelyx from $13.00 to $14.00 and gave the stock a “buy” rating in a report on Friday, May 3rd. Leerink Partnrs reiterated an “outperform” rating on shares of Ardelyx in a report on Friday, April 5th. Finally, Wedbush boosted their target price on shares of Ardelyx from $14.00 to $15.00 and gave the stock an “outperform” rating in a report on Friday, May 3rd.

Insiders Place Their Bets

In other news, insider Laura A. Williams sold 39,949 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $8.35, for a total value of $333,574.15. Following the sale, the insider now directly owns 370,189 shares of the company’s stock, valued at approximately $3,091,078.15. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, insider Laura A. Williams sold 39,949 shares of the company’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $8.35, for a total transaction of $333,574.15. Following the sale, the insider now owns 370,189 shares in the company, valued at approximately $3,091,078.15. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider David P. Rosenbaum sold 15,344 shares of Ardelyx stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $9.18, for a total value of $140,857.92. Following the completion of the sale, the insider now owns 384,002 shares of the company’s stock, valued at $3,525,138.36. The disclosure for this sale can be found here. In the last 90 days, insiders sold 218,769 shares of company stock worth $1,734,099. 5.50% of the stock is currently owned by insiders.

Institutional Trading of Ardelyx

Large investors have recently made changes to their positions in the company. Xponance Inc. boosted its holdings in Ardelyx by 12.6% in the fourth quarter. Xponance Inc. now owns 14,112 shares of the biopharmaceutical company’s stock worth $87,000 after acquiring an additional 1,575 shares in the last quarter. Mackenzie Financial Corp raised its position in shares of Ardelyx by 5.6% during the fourth quarter. Mackenzie Financial Corp now owns 30,269 shares of the biopharmaceutical company’s stock worth $188,000 after purchasing an additional 1,608 shares during the period. Arizona State Retirement System lifted its holdings in shares of Ardelyx by 5.3% in the 3rd quarter. Arizona State Retirement System now owns 61,064 shares of the biopharmaceutical company’s stock worth $249,000 after purchasing an additional 3,064 shares in the last quarter. Teacher Retirement System of Texas grew its position in Ardelyx by 8.0% in the 3rd quarter. Teacher Retirement System of Texas now owns 60,357 shares of the biopharmaceutical company’s stock valued at $246,000 after purchasing an additional 4,452 shares during the period. Finally, HighMark Wealth Management LLC bought a new stake in Ardelyx during the 1st quarter valued at $36,000. 58.92% of the stock is currently owned by institutional investors and hedge funds.

Ardelyx Stock Performance

Ardelyx stock opened at $9.31 on Wednesday. The company has a quick ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66. The stock has a market cap of $2.18 billion, a PE ratio of -33.25 and a beta of 0.87. Ardelyx has a 12-month low of $3.16 and a 12-month high of $10.13. The business’s 50-day moving average price is $7.66 and its two-hundred day moving average price is $6.91.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. The company had revenue of $46.00 million for the quarter, compared to analyst estimates of $36.40 million. Ardelyx had a negative net margin of 41.36% and a negative return on equity of 41.65%. The firm’s revenue was up 303.5% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.13) EPS. As a group, analysts expect that Ardelyx will post -0.44 earnings per share 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.