Ardelyx (NASDAQ:ARDX) Price Target Lowered to $10.00 at Citigroup

Ardelyx (NASDAQ:ARDX) had its target price decreased by Citigroup from $14.00 to $10.00 in a report issued on Wednesday morning, Benzinga reports. Citigroup currently has a buy rating on the biopharmaceutical company’s stock.

ARDX has been the topic of a number of other reports. Wedbush reaffirmed an outperform rating and issued a $15.00 target price on shares of Ardelyx in a report on Friday, May 24th. Piper Sandler cut Ardelyx from an overweight rating to a neutral rating and decreased their target price for the stock from $15.00 to $7.00 in a report on Tuesday. SVB Leerink started coverage on Ardelyx in a report on Friday, April 5th. They issued an outperform rating and a $14.00 target price on the stock. StockNews.com cut Ardelyx from a hold rating to a sell rating in a report on Friday, June 28th. Finally, Leerink Partnrs reissued an outperform rating on shares of Ardelyx in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $11.31.

Ardelyx Stock Performance

ARDX stock opened at $5.32 on Wednesday. The company has a market cap of $1.24 billion, a P/E ratio of -19.00 and a beta of 0.83. Ardelyx has a 1 year low of $3.16 and a 1 year high of $10.13. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.53 and a quick ratio of 4.36. The stock’s fifty day moving average price is $6.97 and its 200-day moving average price is $7.63.

Ardelyx (NASDAQ:ARDX) last announced its earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. Ardelyx had a negative return on equity of 41.65% and a negative net margin of 41.36%. The company had revenue of $46.00 million for the quarter, compared to analysts’ expectations of $36.40 million. During the same period last year, the firm earned ($0.13) EPS. Ardelyx’s revenue for the quarter was up 303.5% compared to the same quarter last year. On average, equities analysts forecast that Ardelyx will post -0.36 earnings per share for the current year.

Insider Activity

In other news, CEO Michael Raab sold 30,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $6.40, for a total transaction of $192,000.00. Following the completion of the transaction, the chief executive officer now owns 1,310,933 shares in the company, valued at $8,389,971.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Michael Raab sold 30,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $6.40, for a total transaction of $192,000.00. Following the completion of the transaction, the chief executive officer now owns 1,310,933 shares in the company, valued at $8,389,971.20. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robert Ora Felsch sold 207,988 shares of the firm’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $8.81, for a total value of $1,832,374.28. Following the transaction, the insider now owns 95,947 shares of the company’s stock, valued at approximately $845,293.07. The disclosure for this sale can be found here. Insiders sold a total of 534,119 shares of company stock worth $4,117,225 over the last 90 days. Corporate insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its position in Ardelyx by 2.8% in the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock worth $97,761,000 after acquiring an additional 365,809 shares in the last quarter. Eventide Asset Management LLC grew its position in Ardelyx by 152.5% in the fourth quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock worth $42,194,000 after acquiring an additional 4,110,494 shares in the last quarter. Rubric Capital Management LP grew its position in Ardelyx by 60.5% in the fourth quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock worth $24,879,000 after acquiring an additional 1,512,753 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Ardelyx by 68.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock worth $28,572,000 after acquiring an additional 1,584,597 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. purchased a new position in Ardelyx in the third quarter worth about $9,384,000. Hedge funds and other institutional investors 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.