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

Ardelyx, Inc. (NASDAQ:ARDX) has earned a consensus rating of “Buy” from the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. One research analyst has rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have updated their coverage on the stock in the last year is $11.67.

A number of research analysts have weighed in on ARDX shares. HC Wainwright raised their price objective on Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, August 5th. Citigroup boosted their price objective on Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, August 2nd. Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. Wedbush restated an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a report on Friday, August 2nd. Finally, Piper Sandler lowered Ardelyx from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $15.00 to $7.00 in a research note on Tuesday, July 2nd.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, insider Robert Blanks sold 38,000 shares of Ardelyx stock in a transaction that occurred on Friday, June 21st. The stock was sold at an average price of $5.96, for a total transaction of $226,480.00. Following the transaction, the insider now owns 324,331 shares of the company’s stock, valued at $1,933,012.76. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Michael Raab sold 35,000 shares of the firm’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $6.65, for a total value of $232,750.00. Following the completion of the sale, the chief executive officer now owns 1,270,273 shares in the company, valued at $8,447,315.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Blanks sold 38,000 shares of the firm’s stock in a transaction that occurred on Friday, June 21st. The shares were sold at an average price of $5.96, for a total value of $226,480.00. Following the completion of the transaction, the insider now directly owns 324,331 shares of the company’s stock, valued at $1,933,012.76. The disclosure for this sale can be found here. Insiders sold 199,560 shares of company stock worth $1,203,770 over the last 90 days. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

Institutional investors and hedge funds have recently bought and sold shares of the stock. New York State Common Retirement Fund lifted its stake in shares of Ardelyx by 2.8% during the fourth quarter. New York State Common Retirement Fund now owns 283,648 shares of the biopharmaceutical company’s stock valued at $1,759,000 after buying an additional 7,705 shares during the period. Russell Investments Group Ltd. grew its stake in shares of Ardelyx by 392,916.2% during the 4th quarter. Russell Investments Group Ltd. now owns 267,251 shares of the biopharmaceutical company’s stock valued at $1,657,000 after buying an additional 267,183 shares during the period. Victory Capital Management Inc. grew its position in Ardelyx by 31.0% during the fourth quarter. Victory Capital Management Inc. now owns 30,100 shares of the biopharmaceutical company’s stock valued at $187,000 after acquiring an additional 7,117 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Ardelyx by 9.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,816,732 shares of the biopharmaceutical company’s stock valued at $11,264,000 after purchasing an additional 150,465 shares in the last quarter. Finally, E Fund Management Co. Ltd. lifted its position in Ardelyx by 30.5% during the fourth quarter. E Fund Management Co. Ltd. now owns 73,585 shares of the biopharmaceutical company’s stock valued at $456,000 after buying an additional 17,193 shares in the last quarter. Hedge funds and other institutional investors own 58.92% of the company’s stock.

Ardelyx Stock Performance

Shares of ARDX stock opened at $5.69 on Tuesday. The company has a current ratio of 4.21, a quick ratio of 3.99 and a debt-to-equity ratio of 0.68. Ardelyx has a 12-month low of $3.16 and a 12-month high of $10.13. The business’s 50 day moving average is $5.78 and its two-hundred day moving average is $6.85. The company has a market capitalization of $1.34 billion, a P/E ratio of -20.32 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. The company had revenue of $73.20 million during the quarter, compared to analysts’ expectations of $55.03 million. During the same period in the prior year, the business posted ($0.08) earnings per share. The firm’s revenue for the quarter was up 228.3% on a year-over-year basis. Analysts expect that Ardelyx will post -0.26 EPS for the current fiscal year.

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.