Ardelyx (NASDAQ:ARDX) PT Raised to $14.00

Ardelyx (NASDAQ:ARDX) had its price objective raised by Citigroup from $13.00 to $14.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s target price points to a potential upside of 60.55% from the company’s current price.

Other equities research analysts have also issued research reports about the company. Piper Sandler raised their target price on Ardelyx from $12.00 to $15.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. StockNews.com lowered Ardelyx from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Wedbush raised their target price on Ardelyx from $14.00 to $15.00 and gave the stock an “outperform” rating in a research report on Friday. Cantor Fitzgerald reissued an “overweight” rating on shares of Ardelyx in a research report on Friday, January 12th. Finally, SVB Leerink began coverage on Ardelyx in a research report on Friday, April 5th. They set an “outperform” rating and a $14.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.81.

Ardelyx Stock Performance

Shares of ARDX opened at $8.72 on Friday. The stock has a 50-day simple moving average of $7.67 and a 200-day simple moving average of $6.81. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.64 and a current ratio of 4.88. The stock has a market capitalization of $2.04 billion, a PE ratio of -31.14 and a beta of 0.87. Ardelyx has a 1 year low of $3.16 and a 1 year high of $10.13.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. The business had revenue of $46.00 million during the quarter, compared to analysts’ expectations of $36.40 million. Ardelyx had a negative return on equity of 41.03% and a negative net margin of 41.36%. The business’s quarterly revenue was up 303.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.13) EPS. On average, analysts predict that Ardelyx will post -0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Ardelyx news, CEO Michael Raab sold 30,000 shares of Ardelyx stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $6.40, for a total transaction of $192,000.00. Following the transaction, the chief executive officer now owns 1,310,933 shares of the company’s stock, valued at $8,389,971.20. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, insider Elizabeth A. Grammer sold 86,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 20th. The stock was sold at an average price of $7.73, for a total value of $664,780.00. Following the transaction, the insider now owns 312,993 shares of the company’s stock, valued at $2,419,435.89. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael Raab sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The shares were sold at an average price of $6.40, for a total value of $192,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,310,933 shares in the company, valued at approximately $8,389,971.20. The disclosure for this sale can be found here. Insiders have sold a total of 178,820 shares of company stock valued at $1,400,524 over the last quarter. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Principal Financial Group Inc. boosted its stake in shares of Ardelyx by 347.4% in the first quarter. Principal Financial Group Inc. now owns 122,811 shares of the biopharmaceutical company’s stock valued at $897,000 after buying an additional 95,361 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its stake in shares of Ardelyx by 66.7% in the first quarter. China Universal Asset Management Co. Ltd. now owns 44,754 shares of the biopharmaceutical company’s stock valued at $327,000 after buying an additional 17,903 shares in the last quarter. HighMark Wealth Management LLC purchased a new stake in shares of Ardelyx in the first quarter valued at approximately $36,000. Newbridge Financial Services Group Inc. purchased a new stake in shares of Ardelyx in the first quarter valued at approximately $64,000. Finally, Hennion & Walsh Asset Management Inc. boosted its stake in shares of Ardelyx by 37.2% in the first quarter. Hennion & Walsh Asset Management Inc. now owns 438,827 shares of the biopharmaceutical company’s stock valued at $3,203,000 after buying an additional 118,879 shares in the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

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.