Piper Sandler Cuts Ardelyx (NASDAQ:ARDX) Price Target to $15.00

Ardelyx (NASDAQ:ARDX) had its target price cut by Piper Sandler from $16.00 to $15.00 in a research note published on Monday morning,Benzinga reports. They currently have an overweight rating on the biopharmaceutical company’s stock.

A number of other brokerages have also recently weighed in on ARDX. Citigroup dropped their price objective on shares of Ardelyx from $14.00 to $11.00 and set a “buy” rating for the company in a report on Monday, August 10th. Zacks Research cut shares of Ardelyx from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. BTIG Research decreased their price target on shares of Ardelyx from $17.00 to $14.00 and set a “buy” rating for the company in a research report on Friday, August 7th. Weiss Ratings downgraded shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, June 29th. Finally, TD Cowen cut their price objective on Ardelyx from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. One equities 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 MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.90.

Ardelyx Stock Performance

Shares of Ardelyx stock opened at $4.03 on Monday. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of -18.32 and a beta of 0.70. The company has a debt-to-equity ratio of 1.69, a current ratio of 3.34 and a quick ratio of 3.15. The business has a 50-day moving average of $5.12 and a 200 day moving average of $5.85. Ardelyx has a 12 month low of $3.86 and a 12 month high of $8.40.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The business had revenue of $120.88 million for the quarter, compared to analysts’ expectations of $121.03 million. Ardelyx had a negative return on equity of 36.00% and a negative net margin of 12.35%.The firm’s revenue for the quarter was up 34.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.08) earnings per share. As a group, sell-side analysts forecast that Ardelyx will post -0.2 earnings per share for the current year.

Institutional Trading of Ardelyx

A number of large investors have recently made changes to their positions in ARDX. Northwestern Mutual Wealth Management Co. purchased a new position in Ardelyx in the second quarter worth approximately $35,000. First Horizon Corp increased its position in shares of Ardelyx by 120.4% in the 4th quarter. First Horizon Corp now owns 7,906 shares of the biopharmaceutical company’s stock valued at $46,000 after purchasing an additional 4,319 shares during the last quarter. SCS Capital Management LLC purchased a new stake in shares of Ardelyx in the 2nd quarter valued at approximately $52,000. ADAR1 Capital Management LLC acquired a new stake in shares of Ardelyx in the 2nd quarter valued at $56,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new stake in shares of Ardelyx in the 4th quarter valued at $60,000. 58.92% of the stock is currently 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.