Ardelyx, Inc. (NASDAQ:ARDX) Receives $11.67 Average PT from Brokerages

Ardelyx, Inc. (NASDAQ:ARDX) has been given an average recommendation of “Buy” by the eight analysts that are currently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $11.67.

A number of brokerages recently commented on ARDX. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research report on Thursday, June 20th. Piper Sandler lowered shares of Ardelyx from an “overweight” rating to a “neutral” rating and cut their target price for the company from $15.00 to $7.00 in a research note on Tuesday, July 2nd. HC Wainwright increased their price target on shares of Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Citigroup lifted their price objective on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, August 2nd.

Ardelyx Stock Performance

Shares of NASDAQ:ARDX opened at $5.60 on Tuesday. The company has a current ratio of 4.21, a quick ratio of 3.99 and a debt-to-equity ratio of 0.68. The company has a market cap of $1.30 billion, a price-to-earnings ratio of -20.00 and a beta of 0.90. Ardelyx has a 12 month low of $3.16 and a 12 month high of $10.13. The company has a 50-day moving average price of $5.82 and a 200-day moving average price of $6.88.

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

Insider Activity at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 35,000 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $6.65, for a total value of $232,750.00. Following the sale, the chief executive officer now owns 1,270,273 shares in the company, valued at $8,447,315.45. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, insider David P. Rosenbaum sold 20,507 shares of the firm’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total transaction of $123,042.00. Following the completion of the transaction, the insider now directly owns 158,502 shares in the company, valued at $951,012. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Michael Raab sold 35,000 shares of Ardelyx stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $6.65, for a total value of $232,750.00. Following the completion of the transaction, the chief executive officer now directly owns 1,270,273 shares of the company’s stock, valued at approximately $8,447,315.45. The disclosure for this sale can be found here. Insiders sold a total of 199,560 shares of company stock valued at $1,203,770 in the last three months. Company insiders own 5.50% of the company’s stock.

Institutional Trading of Ardelyx

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its stake in shares of Ardelyx by 1,026.3% in the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after buying an additional 3,233 shares in the last quarter. HighMark Wealth Management LLC purchased a new position in Ardelyx in the 1st quarter worth approximately $36,000. Redwood Wealth Management Group LLC bought a new position in Ardelyx in the 2nd quarter valued at approximately $62,000. Jump Financial LLC purchased a new stake in Ardelyx during the 4th quarter valued at $63,000. Finally, Newbridge Financial Services Group Inc. bought a new stake in shares of Ardelyx in the 1st quarter worth $64,000. 58.92% of the stock is currently owned by institutional investors.

About Ardelyx

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.