Ardelyx, Inc. (NASDAQ:ARDX) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Ardelyx, Inc. (NASDAQ:ARDX) has received an average rating of “Moderate Buy” from the ten ratings firms that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $10.39.

ARDX has been the topic of a number of research analyst reports. Citigroup dropped their price objective on shares of Ardelyx from $11.00 to $10.00 and set a “buy” rating on the stock in a report on Friday, May 2nd. Raymond James downgraded Ardelyx from a “strong-buy” rating to an “outperform” rating and set a $11.00 price target on the stock. in a research note on Friday, May 2nd. Cantor Fitzgerald upgraded shares of Ardelyx to a “strong-buy” rating in a report on Tuesday, March 4th. Scotiabank assumed coverage on shares of Ardelyx in a report on Friday, March 7th. They issued a “sector outperform” rating and a $15.00 price target on the stock. Finally, Piper Sandler upgraded Ardelyx to a “hold” rating in a research note on Wednesday, March 12th.

Ardelyx Trading Down 0.5 %

Ardelyx stock opened at $3.62 on Friday. The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.31 and a current ratio of 4.58. The stock has a market cap of $866.10 million, a PE ratio of -22.63 and a beta of 0.76. The stock has a 50-day moving average of $4.85 and a two-hundred day moving average of $5.18. Ardelyx has a one year low of $3.50 and a one year high of $8.14.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($0.17) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The company had revenue of $74.11 million during the quarter, compared to analysts’ expectations of $79.40 million. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. The business’s revenue for the quarter was up 61.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.11) earnings per share. On average, research analysts anticipate that Ardelyx will post -0.18 EPS for the current fiscal year.

Insider Activity

In related news, CEO Michael Raab sold 41,666 shares of Ardelyx stock in a transaction on Friday, May 2nd. The shares were sold at an average price of $4.25, for a total value of $177,080.50. Following the sale, the chief executive officer now owns 1,594,754 shares of the company’s stock, valued at approximately $6,777,704.50. This trade represents a 2.55 % decrease in their position. The transaction 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 381,377 shares of Ardelyx stock in a transaction on Friday, May 2nd. The shares were bought at an average price of $4.22 per share, with a total value of $1,609,410.94. Following the completion of the transaction, the director now directly owns 2,396,871 shares of the company’s stock, valued at $10,114,795.62. This trade represents a 18.92 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 158,076 shares of company stock worth $777,555 in the last ninety days. Company insiders own 5.90% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

Several large investors have recently bought and sold shares of ARDX. Ensign Peak Advisors Inc boosted its stake in shares of Ardelyx by 3.1% in the fourth quarter. Ensign Peak Advisors Inc now owns 73,950 shares of the biopharmaceutical company’s stock worth $375,000 after acquiring an additional 2,200 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Ardelyx by 2.3% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 154,625 shares of the biopharmaceutical company’s stock worth $788,000 after buying an additional 3,550 shares in the last quarter. Swiss National Bank raised its position in shares of Ardelyx by 1.0% in the fourth quarter. Swiss National Bank now owns 463,100 shares of the biopharmaceutical company’s stock valued at $2,348,000 after buying an additional 4,800 shares during the last quarter. Orion Portfolio Solutions LLC lifted its stake in shares of Ardelyx by 42.7% in the fourth quarter. Orion Portfolio Solutions LLC now owns 16,486 shares of the biopharmaceutical company’s stock worth $84,000 after buying an additional 4,933 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its position in Ardelyx by 10.9% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 50,222 shares of the biopharmaceutical company’s stock worth $255,000 after acquiring an additional 4,942 shares during the last quarter. 58.92% of the stock is currently owned by hedge funds and other 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.