Ardelyx, Inc. (NASDAQ:ARDX) Short Interest Update

Ardelyx, Inc. (NASDAQ:ARDX – Get Rating) was the target of a large increase in short interest in the month of December. As of December 30th, there was short interest totalling 12,370,000 shares, an increase of 17.6% from the December 15th total of 10,520,000 shares. Based on an average daily trading volume, of 9,670,000 shares, the short-interest ratio is currently 1.3 days.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on ARDX. Cantor Fitzgerald increased their price target on shares of Ardelyx from $1.60 to $3.00 in a research note on Thursday, December 29th. Piper Sandler raised shares of Ardelyx from a “neutral” rating to an “overweight” rating and increased their price target for the company from $3.00 to $8.00 in a research note on Thursday, November 17th. Citigroup increased their price target on shares of Ardelyx from $6.00 to $7.00 and gave the company a “buy” rating in a research note on Friday, December 30th. Finally, StockNews.com lowered shares of Ardelyx from a “hold” rating to a “sell” rating in a report on Saturday, January 14th. One research analyst has rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $4.80.

Ardelyx Stock Performance

Shares of ARDX stock opened at $3.14 on Friday. The firm’s 50 day moving average price is $2.24 and its 200-day moving average price is $1.50. Ardelyx has a one year low of $0.49 and a one year high of $3.43. The firm has a market cap of $588.62 million, a P/E ratio of -3.69 and a beta of 1.18.

Ardelyx (NASDAQ:ARDX – Get Rating) last released its earnings results on Thursday, November 3rd. The biopharmaceutical company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. The company had revenue of $4.99 million for the quarter, compared to analyst estimates of $2.67 million. Ardelyx had a negative net margin of 1,266.91% and a negative return on equity of 171.18%. As a group, research analysts predict that Ardelyx will post -0.52 EPS for the current fiscal year.

Institutional Investors Weigh In On Ardelyx

Hedge funds have recently added to or reduced their stakes in the business. Assenagon Asset Management S.A. acquired a new stake in Ardelyx during the 2nd quarter worth approximately $43,000. Tower Research Capital LLC TRC acquired a new stake in Ardelyx during the 3rd quarter worth approximately $54,000. Mirabella Financial Services LLP acquired a new stake in Ardelyx during the 1st quarter worth approximately $51,000. ExodusPoint Capital Management LP acquired a new stake in Ardelyx during the 3rd quarter worth approximately $269,000. Finally, Boothbay Fund Management LLC lifted its holdings in Ardelyx by 115.9% during the 3rd quarter. Boothbay Fund Management LLC now owns 472,506 shares of the biopharmaceutical company’s stock worth $562,000 after buying an additional 253,657 shares in the last quarter. 40.44% of the stock is currently owned by institutional investors and hedge funds.

About Ardelyx

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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, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial to control serum phosphorus in adult patients with chronic kidney disease (CKD)on dialysis, or hyperphosphatemia.