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

Ardelyx, Inc. (NASDAQ:ARDX) has earned an average rating of “Buy” from the nine brokerages that are presently covering the stock, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold rating, five have given a buy rating and two have given a strong buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $9.93.

Several analysts have recently weighed in on the stock. Citigroup dropped their price objective on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a report on Monday, November 4th. Piper Sandler raised their price target on shares of Ardelyx from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Monday, January 27th. HC Wainwright reissued a “neutral” rating and issued a $5.50 price target on shares of Ardelyx in a report on Friday, February 21st. Jefferies Financial Group lowered their price target on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a report on Thursday, January 2nd. Finally, Raymond James reissued a “strong-buy” rating and issued a $13.00 price target (down previously from $15.00) on shares of Ardelyx in a report on Friday, February 21st.

Ardelyx Stock Performance

NASDAQ:ARDX opened at $5.36 on Tuesday. The firm has a market capitalization of $1.28 billion, a PE ratio of -33.50 and a beta of 0.85. The firm has a 50-day moving average price of $5.33 and a 200 day moving average price of $5.61. The company has a quick ratio of 4.31, a current ratio of 4.58 and a debt-to-equity ratio of 0.87. Ardelyx has a 12-month low of $4.32 and a 12-month high of $9.83.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, February 20th. The biopharmaceutical company reported $0.02 earnings per share for the quarter, hitting the consensus estimate of $0.02. The company had revenue of $116.13 million during the quarter, compared to analyst estimates of $111.16 million. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. Research analysts anticipate that Ardelyx will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 25,000 shares of the firm’s stock in a transaction that occurred on Tuesday, December 10th. The shares were sold at an average price of $5.26, for a total value of $131,500.00. Following the transaction, the chief executive officer now directly owns 1,150,385 shares of the company’s stock, valued at approximately $6,051,025.10. This trade represents a 2.13 % 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 the SEC website. Also, Director David M. Mott acquired 77,729 shares of Ardelyx stock in a transaction on Monday, February 24th. The stock was acquired at an average cost of $5.00 per share, for a total transaction of $388,645.00. Following the completion of the purchase, the director now owns 2,015,494 shares of the company’s stock, valued at approximately $10,077,470. The trade was a 4.01 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders have acquired 490,029 shares of company stock valued at $2,377,766 and have sold 141,408 shares valued at $761,963. Insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Hedge funds and other institutional investors have recently bought and sold shares of the business. GF Fund Management CO. LTD. bought a new position in shares of Ardelyx during the fourth quarter worth $25,000. Newbridge Financial Services Group Inc. bought a new position in shares of Ardelyx during the fourth quarter worth $35,000. SBI Securities Co. Ltd. bought a new position in shares of Ardelyx during the fourth quarter worth $41,000. Quarry LP bought a new position in shares of Ardelyx during the fourth quarter worth $51,000. Finally, Rehmann Capital Advisory Group bought a new position in shares of Ardelyx during the fourth quarter worth $51,000. 58.92% of the stock is owned by institutional investors.

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.