Ardelyx (NASDAQ:ARDX) Price Target Raised to $14.00

Ardelyx (NASDAQ:ARDX) had its price objective lifted by Citigroup from $13.00 to $14.00 in a research report released on Friday, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

ARDX has been the subject of several other reports. Leerink Partnrs reaffirmed an outperform rating on shares of Ardelyx in a research report on Friday, April 5th. SVB Leerink started coverage on shares of Ardelyx in a research note on Friday, April 5th. They set an outperform rating and a $14.00 price target for the company. Cantor Fitzgerald reiterated an overweight rating on shares of Ardelyx in a report on Friday, January 12th. Raymond James increased their target price on shares of Ardelyx from $12.00 to $15.00 and gave the stock a strong-buy rating in a report on Tuesday, January 9th. Finally, StockNews.com lowered shares of Ardelyx from a hold rating to a sell rating in a research note on Monday, February 26th. One investment analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $12.81.

Ardelyx Stock Performance

Shares of ARDX stock opened at $8.72 on Friday. The company has a market capitalization of $2.04 billion, a P/E ratio of -31.14 and a beta of 0.87. Ardelyx has a 52 week low of $3.16 and a 52 week high of $10.13. 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 company’s 50 day moving average price is $7.67 and its two-hundred day moving average price is $6.83.

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

Insider Buying and Selling at Ardelyx

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 directly owns 384,002 shares in the company, valued at approximately $3,525,138.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider David P. Rosenbaum sold 5,183 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was 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 of the company’s stock, valued at approximately $1,618,611.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider David P. Rosenbaum sold 15,344 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $9.18, for a total value of $140,857.92. Following the sale, the insider now directly owns 384,002 shares of the company’s stock, valued at approximately $3,525,138.36. The disclosure for this sale can be found here. Insiders sold a total of 178,820 shares of company stock worth $1,400,524 over the last quarter. 5.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ardelyx

Several institutional investors and hedge funds have recently modified their holdings of the stock. SG Americas Securities LLC acquired a new stake in Ardelyx during the 3rd quarter worth approximately $848,000. Raymond James Financial Services Advisors Inc. raised its stake in Ardelyx by 37.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 57,425 shares of the biopharmaceutical company’s stock worth $234,000 after purchasing an additional 15,554 shares in the last quarter. Willis Johnson & Associates Inc. bought a new stake in Ardelyx in the 3rd quarter valued at about $41,000. Inspire Investing LLC bought a new position in shares of Ardelyx during the third quarter worth approximately $307,000. Finally, TD Asset Management Inc increased its holdings in shares of Ardelyx by 100.0% during the third quarter. TD Asset Management Inc now owns 273,600 shares of the biopharmaceutical company’s stock worth $1,116,000 after purchasing an additional 136,800 shares during the period. 58.92% of the stock is currently owned by institutional investors and hedge funds.

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.