Ardelyx (NASDAQ:ARDX) Price Target Increased to $14.00 by Analysts at Citigroup

Ardelyx (NASDAQ:ARDXGet Free Report) had its target price boosted by investment analysts at Citigroup from $13.00 to $14.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s target price would indicate a potential upside of 60.55% from the stock’s previous close.

Several other brokerages also recently issued reports on ARDX. Leerink Partnrs reissued an “outperform” rating on shares of Ardelyx in a report on Friday, April 5th. Piper Sandler lifted their target price on Ardelyx from $12.00 to $15.00 and gave the company an “overweight” rating in a research note on Friday, February 23rd. SVB Leerink began coverage on Ardelyx in a research note on Friday, April 5th. They set an “outperform” rating and a $14.00 target price on the stock. Wedbush lifted their target price on Ardelyx from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday. Finally, StockNews.com downgraded Ardelyx from a “hold” rating to a “sell” rating in a research note on Monday, February 26th. One research analyst has rated the stock with a sell rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.81.

Read Our Latest Research Report on ARDX

Ardelyx Price Performance

Shares of NASDAQ ARDX opened at $8.72 on Friday. The firm has a market cap of $2.04 billion, a PE ratio of -31.14 and a beta of 0.87. The business has a 50 day moving average price of $7.67 and a two-hundred day moving average price of $6.81. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. Ardelyx has a fifty-two week low of $3.16 and a fifty-two week high of $10.13.

Ardelyx (NASDAQ:ARDXGet Free Report) last issued its earnings results 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 company had revenue of $46.00 million during the quarter, compared to analyst estimates of $36.40 million. Ardelyx had a negative return on equity of 41.03% and a negative net margin of 41.36%. The business’s revenue was up 303.5% on a year-over-year basis. During the same quarter last year, the firm earned ($0.13) EPS. Sell-side analysts expect that Ardelyx will post -0.44 earnings per share for the current fiscal year.

Insider Transactions at Ardelyx

In other news, insider Elizabeth A. Grammer sold 86,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $7.73, for a total value of $664,780.00. Following the sale, the insider now owns 312,993 shares of the company’s stock, valued at approximately $2,419,435.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Elizabeth A. Grammer sold 86,000 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $7.73, for a total value of $664,780.00. Following the sale, the insider now owns 312,993 shares of the company’s stock, valued at approximately $2,419,435.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Michael Raab sold 30,000 shares of the business’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $6.40, for a total value of $192,000.00. Following the completion of the sale, the chief executive officer now directly owns 1,310,933 shares in the company, valued at approximately $8,389,971.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 178,820 shares of company stock valued at $1,400,524. Corporate insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Hedge funds have recently modified their holdings of the stock. GSA Capital Partners LLP grew its holdings in shares of Ardelyx by 1,183.6% in the 3rd quarter. GSA Capital Partners LLP now owns 549,695 shares of the biopharmaceutical company’s stock worth $2,243,000 after acquiring an additional 506,872 shares during the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Ardelyx in the 3rd quarter worth $320,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Ardelyx by 185.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,666,267 shares of the biopharmaceutical company’s stock worth $6,798,000 after acquiring an additional 1,082,554 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Ardelyx by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 11,565,800 shares of the biopharmaceutical company’s stock worth $47,188,000 after acquiring an additional 97,951 shares during the last quarter. Finally, TD Asset Management Inc grew its holdings in shares of Ardelyx by 100.0% in the 3rd quarter. TD Asset Management Inc now owns 273,600 shares of the biopharmaceutical company’s stock worth $1,116,000 after acquiring an additional 136,800 shares during the last quarter. 58.92% of the stock is currently owned by institutional investors and hedge funds.

About Ardelyx

(Get Free Report)

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.

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Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

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