Ardelyx, Inc. (NASDAQ:ARDX) Receives $12.69 Consensus PT from Analysts

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have been given an average recommendation of “Buy” by the nine research firms that are covering the firm, Marketbeat.com reports. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $12.81.

A number of analysts have recently issued reports on the company. Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a report on Friday, January 12th. Leerink Partnrs reissued an “outperform” rating on shares of Ardelyx in a research note on Friday, April 5th. SVB Leerink assumed coverage on shares of Ardelyx in a research note on Friday, April 5th. They issued an “outperform” rating and a $14.00 target price on the stock. Citigroup increased their price objective on Ardelyx from $13.00 to $14.00 and gave the company a “buy” rating in a research report on Friday. Finally, Wedbush boosted their price target on Ardelyx from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Friday.

Insiders Place Their Bets

In other news, insider David P. Rosenbaum sold 5,183 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $9.20, for a total transaction of $47,683.60. Following the completion of the transaction, the insider now directly owns 175,936 shares in the company, valued at approximately $1,618,611.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, insider David P. Rosenbaum sold 5,183 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $9.20, for a total transaction of $47,683.60. Following the transaction, the insider now directly owns 175,936 shares in the company, valued at $1,618,611.20. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Michael Raab sold 22,917 shares of the company’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $8.75, for a total transaction of $200,523.75. Following the completion of the sale, the chief executive officer now directly owns 1,319,951 shares in the company, valued at $11,549,571.25. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 178,820 shares of company stock worth $1,400,524. Corporate insiders own 5.50% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

Several hedge funds have recently bought and sold shares of ARDX. Xponance Inc. raised its stake in Ardelyx by 12.6% in the fourth quarter. Xponance Inc. now owns 14,112 shares of the biopharmaceutical company’s stock valued at $87,000 after purchasing an additional 1,575 shares in the last quarter. Mackenzie Financial Corp raised its holdings in Ardelyx by 5.6% in the 4th quarter. Mackenzie Financial Corp now owns 30,269 shares of the biopharmaceutical company’s stock valued at $188,000 after buying an additional 1,608 shares during the last quarter. Arizona State Retirement System increased its position in Ardelyx by 5.3% in the 3rd quarter. Arizona State Retirement System now owns 61,064 shares of the biopharmaceutical company’s stock valued at $249,000 after acquiring an additional 3,064 shares during the period. Teacher Retirement System of Texas boosted its stake in shares of Ardelyx by 8.0% in the 3rd quarter. Teacher Retirement System of Texas now owns 60,357 shares of the biopharmaceutical company’s stock valued at $246,000 after purchasing an additional 4,452 shares during the last quarter. Finally, HighMark Wealth Management LLC acquired a new stake in shares of Ardelyx during the first quarter worth $36,000. 58.92% of the stock is currently owned by institutional investors and hedge funds.

Ardelyx Stock Up 28.4 %

Shares of NASDAQ:ARDX opened at $8.72 on Wednesday. The company has a 50 day moving average of $7.67 and a two-hundred day moving average of $6.79. Ardelyx has a 52-week low of $3.16 and a 52-week high of $10.13. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $2.04 billion, a price-to-earnings ratio of -29.07 and a beta of 0.87.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $46.00 million during the quarter, compared to the consensus estimate of $36.40 million. Ardelyx had a negative net margin of 53.08% and a negative return on equity of 43.57%. Ardelyx’s revenue was up 303.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.13) EPS. As a group, analysts forecast that Ardelyx will post -0.44 earnings per share for the current fiscal 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.