Brokerages Set Ardelyx, Inc. (NASDAQ:ARDX) Price Target at $11.67

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have been assigned a consensus rating of “Buy” from the eight analysts that are presently covering the company, Marketbeat reports. One analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $11.67.

Several equities analysts have recently issued reports on ARDX shares. StockNews.com upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Piper Sandler cut shares of Ardelyx from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $15.00 to $7.00 in a report on Tuesday, July 2nd. Citigroup boosted their price objective on shares of Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th. Finally, Wedbush reiterated an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research note on Friday, August 2nd.

Ardelyx Price Performance

Shares of ARDX opened at $6.82 on Friday. The company has a 50 day moving average of $6.05 and a two-hundred day moving average of $6.53. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. Ardelyx has a twelve month low of $3.16 and a twelve month high of $10.13. The company has a market cap of $1.59 billion, a price-to-earnings ratio of -24.36 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The firm had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $55.03 million. During the same quarter last year, the firm earned ($0.08) EPS. The business’s quarterly revenue was up 228.3% on a year-over-year basis. As a group, analysts predict that Ardelyx will post -0.26 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider David P. Rosenbaum sold 20,507 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total value of $123,042.00. Following the completion of the transaction, the insider now owns 158,502 shares of the company’s stock, valued at $951,012. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, insider David P. Rosenbaum sold 20,507 shares of Ardelyx stock in a transaction that occurred 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 approximately $951,012. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Raab sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $5.64, for a total value of $169,200.00. Following the completion of the sale, the chief executive officer now owns 1,260,463 shares in the company, valued at approximately $7,109,011.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 217,126 shares of company stock valued at $1,320,113. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ARDX. Jump Financial LLC acquired a new stake in shares of Ardelyx during the 4th quarter valued at about $63,000. TD Asset Management Inc increased its position in shares of Ardelyx by 6.3% in the fourth quarter. TD Asset Management Inc now owns 290,936 shares of the biopharmaceutical company’s stock valued at $1,804,000 after buying an additional 17,336 shares in the last quarter. Campbell & CO Investment Adviser LLC raised its stake in shares of Ardelyx by 61.3% during the 4th quarter. Campbell & CO Investment Adviser LLC now owns 126,314 shares of the biopharmaceutical company’s stock worth $783,000 after buying an additional 47,991 shares during the period. Rafferty Asset Management LLC lifted its position in shares of Ardelyx by 25.3% during the 4th quarter. Rafferty Asset Management LLC now owns 1,375,514 shares of the biopharmaceutical company’s stock valued at $8,528,000 after buying an additional 277,620 shares in the last quarter. Finally, Rubric Capital Management LP grew its stake in Ardelyx by 60.5% in the 4th quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock valued at $24,879,000 after acquiring an additional 1,512,753 shares during the period. 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.