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

Shares of Ardelyx, Inc. (NASDAQ:ARDX) have been assigned an average rating of “Buy” from the nine brokerages that are covering the company, MarketBeat.com reports. Eight research analysts have rated the stock with a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $12.69.

A number of equities research analysts recently issued reports on ARDX shares. Citigroup lifted their price target on shares of Ardelyx from $9.00 to $14.00 and gave the company a “buy” rating in a research note on Wednesday, January 10th. SVB Leerink assumed coverage on shares of Ardelyx in a research note on Friday, April 5th. They set an “outperform” rating and a $14.00 target price on the stock. Raymond James lifted their target price on shares of Ardelyx from $12.00 to $15.00 and gave the stock a “strong-buy” rating in a research note on Tuesday, January 9th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Ardelyx in a research note on Friday, January 12th. Finally, Wedbush lifted their target price on shares of Ardelyx from $13.00 to $14.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 17th.

Ardelyx Price Performance

Ardelyx stock opened at $6.40 on Wednesday. The company’s fifty day moving average price is $7.75 and its 200 day moving average price is $6.75. Ardelyx has a 1 year low of $3.16 and a 1 year high of $10.13. The stock has a market capitalization of $1.49 billion, a P/E ratio of -21.33 and a beta of 0.86. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.64 and a current ratio of 4.88.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). Ardelyx had a negative net margin of 53.08% and a negative return on equity of 43.57%. The company had revenue of $34.36 million during the quarter, compared to analyst estimates of $34.26 million. During the same period in the prior year, the business posted $0.06 EPS. Ardelyx’s revenue was down 22.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Ardelyx will post -0.44 earnings per share for the current fiscal year.

Insider Activity

In other news, insider David P. Rosenbaum sold 15,344 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $9.18, for a total transaction of $140,857.92. Following the transaction, the insider now owns 384,002 shares of the company’s stock, valued at approximately $3,525,138.36. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, insider Robert Blanks sold 5,017 shares of the business’s stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $8.75, for a total value of $43,898.75. Following the sale, the insider now directly owns 368,186 shares in the company, valued at approximately $3,221,627.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider David P. Rosenbaum sold 15,344 shares of the business’s stock in a transaction dated Thursday, February 8th. The shares were sold at an average price of $9.18, for a total transaction of $140,857.92. Following the completion of the sale, the insider now owns 384,002 shares in the company, valued at $3,525,138.36. The disclosure for this sale can be found here. In the last quarter, insiders have sold 148,820 shares of company stock valued at $1,208,524. 5.50% of the stock is currently owned by insiders.

Institutional Trading of Ardelyx

Institutional investors and hedge funds have recently bought and sold shares of the stock. HighMark Wealth Management LLC purchased a new stake in Ardelyx in the 1st quarter valued at about $36,000. Newbridge Financial Services Group Inc. purchased a new stake in Ardelyx during the first quarter worth about $64,000. Willis Johnson & Associates Inc. purchased a new stake in Ardelyx during the third quarter worth about $41,000. SJS Investment Consulting Inc. purchased a new stake in Ardelyx during the fourth quarter worth about $62,000. Finally, Jump Financial LLC purchased a new stake in Ardelyx during the fourth quarter worth about $63,000. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

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.