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

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have earned an average rating of “Buy” from the eight ratings firms that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation, six have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokerages that have covered the stock in the last year is $11.67.

A number of equities analysts have weighed in on the company. HC Wainwright upped their price target on Ardelyx from $10.00 to $11.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Citigroup increased their price objective on Ardelyx from $10.00 to $12.00 and gave the company a “buy” rating in a report on Friday, August 2nd. Wedbush reissued an “outperform” rating and issued a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. StockNews.com raised Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Finally, Piper Sandler downgraded Ardelyx from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $15.00 to $7.00 in a report on Tuesday, July 2nd.

Insiders Place Their Bets

In other Ardelyx news, insider David P. Rosenbaum sold 20,507 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total transaction of $123,042.00. Following the transaction, the insider now owns 158,502 shares in the company, valued at $951,012. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Ardelyx news, insider David P. Rosenbaum sold 20,507 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total transaction of $123,042.00. Following the transaction, the insider now owns 158,502 shares in the company, valued at $951,012. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Michael Raab sold 30,000 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $5.64, for a total value of $169,200.00. Following the transaction, the chief executive officer now owns 1,260,463 shares in the company, valued at $7,109,011.32. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 217,126 shares of company stock worth $1,320,413 in the last 90 days. Company insiders own 5.50% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of ARDX. Redmile Group LLC bought a new position in shares of Ardelyx in the first quarter worth $16,020,000. Millennium Management LLC increased its position in shares of Ardelyx by 142.8% in the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company’s stock worth $23,735,000 after purchasing an additional 1,883,995 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of 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 purchasing an additional 1,584,597 shares during the period. Vanguard Group Inc. increased its position in shares of 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 purchasing an additional 365,809 shares during the period. Finally, Squarepoint Ops LLC increased its position in shares of Ardelyx by 375.9% in the second quarter. Squarepoint Ops LLC now owns 460,689 shares of the biopharmaceutical company’s stock worth $3,414,000 after purchasing an additional 363,894 shares during the period. Institutional investors own 58.92% of the company’s stock.

Ardelyx Price Performance

NASDAQ ARDX opened at $5.78 on Wednesday. Ardelyx has a 52-week low of $3.40 and a 52-week high of $10.13. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.99 and a current ratio of 4.21. The business has a 50 day simple moving average of $6.09 and a 200 day simple moving average of $6.38. The stock has a market cap of $1.35 billion, a price-to-earnings ratio of -20.64 and a beta of 0.90.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Ardelyx had a negative return on equity of 39.73% and a negative net margin of 31.02%. The firm had revenue of $73.20 million during the quarter, compared to the consensus estimate of $55.03 million. During the same quarter in the prior year, the firm posted ($0.08) EPS. The business’s revenue was up 228.3% on a year-over-year basis. Analysts anticipate that Ardelyx will post -0.25 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.