Analysts Set Ardelyx, Inc. (NASDAQ:ARDX) Target Price at $11.50

Key Points

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Shares of Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) have earned an average recommendation of "Buy" from the ten research firms that are currently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $11.50.

A number of research analysts have recently commented on ARDX shares. HC Wainwright started coverage on shares of Ardelyx in a research report on Wednesday, June 18th. They set a "buy" rating and a $10.00 price target for the company. Citigroup cut their target price on shares of Ardelyx from $11.00 to $10.00 and set a "buy" rating for the company in a research report on Friday, May 2nd. Wall Street Zen upgraded shares of Ardelyx from a "sell" rating to a "hold" rating in a research report on Saturday, August 9th. Wedbush reiterated an "outperform" rating and issued a $14.00 target price (up from $13.00) on shares of Ardelyx in a research report on Tuesday, August 5th. Finally, Piper Sandler upped their target price on shares of Ardelyx from $8.00 to $9.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th.

Ardelyx Stock Performance

Shares of ARDX remained flat at $6.11 during mid-day trading on Tuesday. 3,653,288 shares of the stock were exchanged, compared to its average volume of 4,667,531. The business has a 50-day simple moving average of $4.58 and a two-hundred day simple moving average of $4.66. The firm has a market cap of $1.47 billion, a P/E ratio of -26.56 and a beta of 0.68. The company has a current ratio of 4.30, a quick ratio of 4.03 and a debt-to-equity ratio of 1.44. Ardelyx has a 12-month low of $3.21 and a 12-month high of $7.18.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The biopharmaceutical company reported ($0.08) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.05. The firm had revenue of $97.66 million during the quarter, compared to analyst estimates of $82.69 million. Ardelyx had a negative net margin of 14.60% and a negative return on equity of 36.57%. The business's revenue for the quarter was up 23.0% on a year-over-year basis. During the same period in the previous year, the business earned ($0.07) EPS. On average, sell-side analysts anticipate that Ardelyx will post -0.18 EPS for the current year.

Insider Transactions at Ardelyx

In related news, Director David M. Mott bought 200,000 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was bought at an average cost of $3.63 per share, for a total transaction of $726,000.00. Following the completion of the transaction, the director owned 2,896,871 shares of the company's stock, valued at approximately $10,515,641.73. The trade was a 7.42% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.80% of the company's stock.

Institutional Trading of Ardelyx

Several institutional investors have recently added to or reduced their stakes in ARDX. Invesco Ltd. boosted its position in Ardelyx by 9.2% during the fourth quarter. Invesco Ltd. now owns 124,945 shares of the biopharmaceutical company's stock valued at $633,000 after buying an additional 10,514 shares during the period. Raymond James Financial Inc. purchased a new stake in Ardelyx during the fourth quarter valued at about $930,000. CreativeOne Wealth LLC purchased a new stake in Ardelyx during the fourth quarter valued at about $274,000. Marshall Wace LLP bought a new position in shares of Ardelyx during the fourth quarter valued at about $582,000. Finally, Farringdon Capital Ltd. bought a new position in shares of Ardelyx during the fourth quarter valued at about $81,000. 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.