Ardelyx, Inc. (NASDAQ:ARDX) Receives Consensus Recommendation of “Buy” from Brokerages

Ardelyx, Inc. (NASDAQ:ARDX) has been given a consensus rating of “Buy” by the eight research firms that are presently covering the stock, Marketbeat reports. One research analyst has rated the stock with a hold recommendation, six have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $11.67.

Several research analysts have issued reports on the company. Piper Sandler cut Ardelyx from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $15.00 to $7.00 in a research report on Tuesday, July 2nd. StockNews.com raised shares of Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a report on Thursday, June 20th. Citigroup increased their price target on shares of Ardelyx from $10.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, August 2nd. Finally, Wedbush reissued an “outperform” rating and set a $11.00 price objective on shares of Ardelyx in a research report on Friday, August 2nd.

Insider Buying and Selling

In other Ardelyx news, insider David P. Rosenbaum sold 49,564 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $6.92, for a total value of $342,982.88. Following the completion of the transaction, the insider now directly owns 301,946 shares in the company, valued at $2,089,466.32. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider David P. Rosenbaum sold 49,564 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $6.92, for a total transaction of $342,982.88. Following the sale, the insider now directly owns 301,946 shares in the company, valued at approximately $2,089,466.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Michael Raab sold 7,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $5.97, for a total value of $44,775.00. Following the completion of the sale, the chief executive officer now owns 1,260,463 shares of the company’s stock, valued at approximately $7,524,964.11. The disclosure for this sale can be found here. In the last ninety days, insiders sold 217,126 shares of company stock valued at $1,320,113. 5.50% of the stock is owned by corporate insiders.

Institutional Trading of Ardelyx

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. World Equity Group Inc. raised its position in shares of Ardelyx by 15.4% during the second quarter. World Equity Group Inc. now owns 18,402 shares of the biopharmaceutical company’s stock valued at $136,000 after buying an additional 2,453 shares during the last quarter. Nisa Investment Advisors LLC increased its holdings in Ardelyx by 1,026.3% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after acquiring an additional 3,233 shares during the last quarter. ProShare Advisors LLC lifted its stake in Ardelyx by 8.9% in the 1st quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock worth $421,000 after purchasing an additional 4,735 shares in the last quarter. HighMark Wealth Management LLC bought a new position in shares of Ardelyx during the 1st quarter valued at about $36,000. Finally, Redwood Wealth Management Group LLC purchased a new position in shares of Ardelyx during the second quarter valued at about $62,000. Institutional investors own 58.92% of the company’s stock.

Ardelyx Trading Up 1.2 %

NASDAQ:ARDX opened at $6.93 on Friday. The company has a market cap of $1.61 billion, a PE ratio of -24.75 and a beta of 0.90. The company has a current ratio of 4.21, a quick ratio of 3.99 and a debt-to-equity ratio of 0.68. The company has a 50 day simple moving average of $6.00 and a two-hundred day simple moving average of $6.54. Ardelyx has a 12 month low of $3.16 and a 12 month high of $10.13.

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

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.