Ardelyx (NASDAQ:ARDX) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Ardelyx has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a shift in analysts' outlook for the stock.
• The stock currently has an average rating of "Moderate Buy" with a consensus target price of $11.50, and several analysts have set varying price targets ranging from $9.00 to $14.00.
• In its latest quarterly earnings report, Ardelyx reported a revenue of $97.66 million, surpassing expectations, and a net earnings per share of ($0.08), improving from the previous year.

Ardelyx (NASDAQ:ARDX - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.

Other equities analysts have also recently issued reports about the company. HC Wainwright began coverage on Ardelyx in a report on Wednesday, June 18th. They issued a "buy" rating and a $10.00 target price for the company. Citigroup dropped their target price on Ardelyx from $11.00 to $10.00 and set a "buy" rating for the company in a report on Friday, May 2nd. UBS Group set a $12.00 target price on Ardelyx in a report on Tuesday, August 5th. Piper Sandler increased their price target on Ardelyx from $8.00 to $9.00 and gave the stock a "neutral" rating in a research report on Wednesday, August 6th. Finally, Raymond James Financial restated an "outperform" rating and set a $12.00 price target (up from $11.00) on shares of Ardelyx in a research report on Tuesday, August 5th. Two equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $11.50.

Ardelyx Stock Performance

ARDX traded up $0.16 on Friday, hitting $5.76. The company had a trading volume of 1,566,167 shares, compared to its average volume of 4,781,349. The company's fifty day moving average price is $4.22 and its 200 day moving average price is $4.63. Ardelyx has a 1-year low of $3.21 and a 1-year high of $7.18. The company has a debt-to-equity ratio of 1.44, a current ratio of 4.30 and a quick ratio of 4.03. The stock has a market cap of $1.39 billion, a price-to-earnings ratio of -25.07 and a beta of 0.68.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.05. The business had revenue of $97.66 million during the quarter, compared to analysts' expectations of $82.69 million. Ardelyx had a negative return on equity of 36.57% and a negative net margin of 14.60%. The firm's revenue was up 23.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.07) EPS. Equities analysts predict that Ardelyx will post -0.18 earnings per share for the current fiscal year.

Insider Buying and Selling at Ardelyx

In other news, CEO Michael Raab sold 46,817 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $4.08, for a total transaction of $191,013.36. Following the completion of the sale, the chief executive officer owned 1,547,937 shares in the company, valued at $6,315,582.96. The trade was a 2.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director David M. Mott acquired 200,000 shares of Ardelyx stock in a transaction dated Monday, June 16th. The shares were purchased at an average price of $3.63 per share, with a total value of $726,000.00. Following the acquisition, the director owned 2,896,871 shares of the company's stock, valued at approximately $10,515,641.73. This trade represents a 7.42% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 500,000 shares of company stock valued at $1,793,000 and have sold 83,477 shares valued at $340,586. Company insiders own 4.80% of the company's stock.

Institutional Investors Weigh In On Ardelyx

Several institutional investors have recently made changes to their positions in ARDX. GF Fund Management CO. LTD. acquired a new position in Ardelyx during the fourth quarter valued at approximately $25,000. DCF Advisers LLC acquired a new position in shares of Ardelyx during the second quarter worth $39,000. Brighton Jones LLC acquired a new position in shares of Ardelyx during the second quarter worth $40,000. Cyndeo Wealth Partners LLC acquired a new position in shares of Ardelyx during the first quarter worth $49,000. Finally, Quarry LP acquired a new position in shares of Ardelyx during the fourth quarter worth $51,000. 58.92% of the stock is currently owned by 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.