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

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have been assigned an average recommendation of “Buy” from the eight research firms that are presently covering the stock, MarketBeat.com 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 1 year target price among brokerages that have updated their coverage on the stock in the last year is $11.67.

ARDX has been the topic of several research analyst reports. HC Wainwright raised their price objective on Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Monday, August 5th. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and cut their price target for the company from $15.00 to $7.00 in a research note on Tuesday, July 2nd. Wedbush reissued an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research note on Friday, August 2nd. Finally, Citigroup lifted their price target on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a research note on Friday, August 2nd.

Ardelyx Stock Performance

NASDAQ:ARDX opened at $5.78 on Wednesday. The stock’s 50-day simple moving average is $6.09 and its 200 day simple moving average is $6.38. The firm has a market capitalization of $1.35 billion, a PE ratio of -20.64 and a beta of 0.90. 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 $3.40 and a twelve month high of $10.13.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. The business had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. Ardelyx’s revenue was up 228.3% compared to the same quarter last year. During the same period last year, the firm posted ($0.08) earnings per share. On average, analysts anticipate that Ardelyx will post -0.25 EPS for the current fiscal year.

Insider Buying and Selling

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 value of $123,042.00. Following the transaction, the insider now directly owns 158,502 shares of the company’s stock, valued at $951,012. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, 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 value of $123,042.00. Following the transaction, the insider now directly owns 158,502 shares of the company’s stock, valued at $951,012. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Raab sold 7,500 shares of Ardelyx stock in a transaction that occurred on Friday, October 11th. The stock was sold at an average price of $6.01, for a total value of $45,075.00. Following the completion of the transaction, the chief executive officer now directly owns 1,210,108 shares in the company, valued at approximately $7,272,749.08. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 217,126 shares of company stock valued at $1,320,413 over the last ninety days. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ardelyx

Hedge funds have recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC increased its holdings in Ardelyx by 1,026.3% in the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock worth $26,000 after purchasing an additional 3,233 shares in the last quarter. Redwood Wealth Management Group LLC bought a new stake in Ardelyx in the second quarter worth approximately $62,000. Coastal Bridge Advisors LLC bought a new stake in Ardelyx in the second quarter worth approximately $74,000. Helen Stephens Group LLC bought a new stake in Ardelyx in the third quarter worth approximately $76,000. Finally, Paloma Partners Management Co bought a new stake in Ardelyx in the first quarter worth approximately $86,000. 58.92% of the stock is currently 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.