Ardelyx, Inc. (NASDAQ:ARDX) Given Average Rating of “Buy” by Analysts

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have been given a consensus recommendation of “Buy” by the nine analysts that are currently covering the stock, Marketbeat reports. Eight equities 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 price target among brokers that have updated their coverage on the stock in the last year is $12.81.

Several research firms have weighed in on ARDX. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research report on Friday, January 12th. Raymond James lifted their price target on Ardelyx from $12.00 to $15.00 and gave the company a “strong-buy” rating in a research report on Tuesday, January 9th. Piper Sandler increased their price objective on Ardelyx from $12.00 to $15.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. Citigroup boosted their target price on shares of Ardelyx from $13.00 to $14.00 and gave the company a “buy” rating in a report on Friday, May 3rd. Finally, Leerink Partnrs reiterated an “outperform” rating on shares of Ardelyx in a research note on Friday, April 5th.

Ardelyx Price Performance

Shares of Ardelyx stock opened at $9.31 on Wednesday. The company has a market cap of $2.18 billion, a PE ratio of -33.25 and a beta of 0.87. The business has a 50 day moving average of $7.66 and a 200 day moving average of $6.91. Ardelyx has a 52 week low of $3.16 and a 52 week high of $10.13. The company has a quick ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.02. The business had revenue of $46.00 million during 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 company’s revenue for the quarter was up 303.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.13) EPS. As a group, equities research analysts forecast that Ardelyx will post -0.44 earnings per share for the current year.

Insider Transactions at Ardelyx

In other Ardelyx news, insider Laura A. Williams sold 39,949 shares of the firm’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $8.35, for a total transaction of $333,574.15. Following the completion of the sale, the insider now directly owns 370,189 shares in the company, valued at approximately $3,091,078.15. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider David P. Rosenbaum sold 15,344 shares of the business’s stock in a transaction 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 transaction, the insider now owns 384,002 shares in the company, valued at $3,525,138.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 transaction, the insider now directly owns 370,189 shares in the company, valued at $3,091,078.15. The disclosure for this sale can be found here. Insiders sold a total of 218,769 shares of company stock valued at $1,734,099 in the last quarter. 5.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds have recently bought and sold shares of ARDX. Swiss National Bank boosted its holdings in shares of Ardelyx by 6.7% during the 1st quarter. Swiss National Bank now owns 458,300 shares of the biopharmaceutical company’s stock valued at $3,346,000 after acquiring an additional 28,900 shares during the last quarter. Principal Financial Group Inc. lifted its position in Ardelyx by 347.4% during the first quarter. Principal Financial Group Inc. now owns 122,811 shares of the biopharmaceutical company’s stock valued at $897,000 after purchasing an additional 95,361 shares during the period. China Universal Asset Management Co. Ltd. boosted its holdings in Ardelyx by 66.7% in the first quarter. China Universal Asset Management Co. Ltd. now owns 44,754 shares of the biopharmaceutical company’s stock worth $327,000 after purchasing an additional 17,903 shares during the last quarter. HighMark Wealth Management LLC bought a new stake in Ardelyx in the 1st quarter worth approximately $36,000. Finally, Newbridge Financial Services Group Inc. purchased a new stake in Ardelyx during the 1st quarter valued at $64,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

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.