Analysts Set Ardelyx, Inc. (NASDAQ:ARDX) Price Target at $10.89

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have received a consensus rating of “Buy” from the ten brokerages that are presently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, eight have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $10.89.

A number of research analysts have weighed in on the company. HC Wainwright initiated coverage on Ardelyx in a research note on Wednesday, June 18th. They issued a “buy” rating and a $10.00 price target for the company. Citigroup lowered their target price 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 Financial lowered shares of Ardelyx from a “strong-buy” rating to an “outperform” rating and set a $11.00 price target on the stock. in a research report on Friday, May 2nd. LADENBURG THALM/SH SH reissued a “buy” rating and issued a $11.00 price objective on shares of Ardelyx in a research report on Friday, March 7th. Finally, Piper Sandler raised shares of Ardelyx to a “hold” rating in a report on Wednesday, March 12th.

Ardelyx Stock Performance

Shares of ARDX opened at $4.19 on Monday. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of -19.05 and a beta of 0.60. Ardelyx has a 12 month low of $3.21 and a 12 month high of $7.18. The firm has a fifty day simple moving average of $3.95 and a 200 day simple moving average of $4.74. The company has a current ratio of 4.12, a quick ratio of 3.81 and a debt-to-equity ratio of 1.04.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.07). The business had revenue of $74.11 million for the quarter, compared to analyst estimates of $79.40 million. Ardelyx had a negative return on equity of 34.45% and a negative net margin of 14.86%. The company’s quarterly revenue was up 61.1% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.11) earnings per share. Research analysts forecast that Ardelyx will post -0.18 EPS for the current fiscal year.

Insider Buying and Selling at Ardelyx

In related news, CEO Michael Raab sold 46,817 shares of the business’s stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total value of $191,013.36. Following the completion of the sale, the chief executive officer directly owned 1,547,937 shares in the company, valued at $6,315,582.96. The trade was a 2.94% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Laura A. Williams sold 6,421 shares of the company’s stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $4.08, for a total value of $26,197.68. Following the completion of the transaction, the insider directly owned 402,583 shares in the company, valued at approximately $1,642,538.64. This represents a 1.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have purchased 881,377 shares of company stock worth $3,402,411 and have sold 166,809 shares worth $708,914. 4.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

Hedge funds and other institutional investors have recently modified their holdings of the company. GF Fund Management CO. LTD. bought a new position in Ardelyx during the fourth quarter worth about $25,000. SBI Securities Co. Ltd. acquired a new position in shares of Ardelyx during the 4th quarter worth approximately $41,000. Cyndeo Wealth Partners LLC bought a new position in shares of Ardelyx during the first quarter worth approximately $49,000. Quarry LP bought a new position in shares of Ardelyx during the fourth quarter worth approximately $51,000. Finally, Rehmann Capital Advisory Group acquired a new stake in shares of Ardelyx in the fourth quarter valued at approximately $51,000. Institutional investors and hedge funds 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.