Ardelyx (NASDAQ:ARDX) Stock Price Target Cut by BTIG Research

Key Points

• BTIG Research lowered its Ardelyx price target from $14 to $11 but maintained a Buy rating; the new target implies 275% upside from the stock’s current price, according to the firm.
• Analyst sentiment remains generally positive: MarketBeat reports an average “Moderate Buy” rating and an average price target of $13.60.
• ARDX opened at $2.93, near its one-year low of $2.80 and well below its one-year high of $8.40.

Ardelyx (NASDAQ:ARDX - Get Free Report) had its price objective decreased by stock analysts at BTIG Research from $14.00 to $11.00 in a report released on Monday, Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. BTIG Research's price objective indicates a potential upside of 275.43% from the stock's current price.

A number of other research firms also recently issued reports on ARDX. Zacks Research upgraded Ardelyx from a "strong sell" rating to a "hold" rating in a report on Friday, October 16th. HC Wainwright reiterated a "buy" rating and issued a $13.00 price objective on shares of Ardelyx in a report on Friday, August 7th. Piper Sandler reduced their price target on Ardelyx from $16.00 to $15.00 and set an "overweight" rating for the company in a research note on Monday, August 17th. Wedbush restated an "outperform" rating and issued a $9.00 price target on shares of Ardelyx in a research note on Tuesday, August 18th. Finally, TD Cowen started coverage on shares of Ardelyx in a research report on Wednesday, November 4th. They set a "strong-buy" rating on the stock. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $13.60.

Ardelyx Price Performance

Shares of ARDX stock opened at $2.93 on Monday. Ardelyx has a 1 year low of $2.80 and a 1 year high of $8.40. The firm's 50 day moving average is $3.33 and its 200-day moving average is $5.21. The company has a current ratio of 3.45, a quick ratio of 3.15 and a debt-to-equity ratio of 1.54.

Insider Buying and Selling

In other news, insider James Brady sold 15,136 shares of the company's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $58,424.96. Following the completion of the sale, the insider owned 245,930 shares of the company's stock, valued at approximately $949,289.80. This represents a 5.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Laura Williams sold 10,739 shares of Ardelyx stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $3.86, for a total value of $41,452.54. Following the completion of the transaction, the insider owned 367,456 shares in the company, valued at approximately $1,418,380.16. This represents a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 126,059 shares of company stock worth $486,588. 5.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ardelyx

A number of institutional investors and hedge funds have recently bought and sold shares of the company. BlackRock Inc. bought a new position in Ardelyx in the 2nd quarter valued at approximately $119,874,000. Jupiter Topco LLC bought a new position in shares of Ardelyx during the second quarter valued at $27,043,000. AIGH Capital Management LLC acquired a new position in shares of Ardelyx during the second quarter worth $16,320,000. Bank of America Corp DE acquired a new stake in Ardelyx in the second quarter valued at $11,034,000. Finally, Rubric Capital Management LP bought a new position in Ardelyx during the 1st quarter worth $11,147,000. Institutional investors and hedge funds own 58.92% of the company's stock.

About Ardelyx

Ardelyx, Inc is a biopharmaceutical company focused on developing and commercializing therapies for gastrointestinal and cardiorenal diseases. The company's platform is centered on regulating ion transport in the gut, with the goal of addressing conditions that are inadequately served by existing treatments.

Ardelyx's marketed products include IBSRELA (tenapanor), an oral treatment for adults with irritable bowel syndrome with constipation, and XPHOZAH (tenapanor), a therapy designed to reduce serum phosphorus in adults with chronic kidney disease on dialysis who have an inadequate response to, or are intolerant of, phosphate binders.

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