Ardelyx, Inc. (NASDAQ:ARDX) Receives Average Rating of "Moderate Buy" from Brokerages

Key Points

• Ardelyx has a consensus “Moderate Buy” rating from 12 analysts, including nine buys, one strong buy and two sells. The average 12-month price target is $13.90, though several firms recently lowered their targets.
• ARDX shares opened at $3.81, near their 52-week low of $3.72 and below both their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.07 per share, missing estimates, while revenue rose 34.3% year over year to $120.88 million.
• Insiders sold 126,059 shares worth approximately $486,588 over the past three months, while institutional investors own 58.92% of the stock.

Shares of Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) have received a consensus rating of "Moderate Buy" from the twelve ratings firms that are covering the stock, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, nine have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $13.90.

Several brokerages recently weighed in on ARDX. Citigroup reduced their price target on shares of Ardelyx from $14.00 to $11.00 and set a "buy" rating for the company in a research report on Monday, August 10th. LADENBURG THALM/SH SH initiated coverage on Ardelyx in a research report on Tuesday, June 16th. They issued a "buy" rating and a $16.00 price objective on the stock. BTIG Research cut their target price on Ardelyx from $17.00 to $14.00 and set a "buy" rating on the stock in a research note on Friday, August 7th. Weiss Ratings lowered Ardelyx from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, June 29th. Finally, TD Cowen decreased their price target on Ardelyx from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, August 7th.

Ardelyx Stock Performance

Shares of Ardelyx stock opened at $3.81 on Friday. Ardelyx has a 1 year low of $3.72 and a 1 year high of $8.40. The firm's 50-day moving average is $4.84 and its 200 day moving average is $5.69. The stock has a market cap of $949.41 million, a price-to-earnings ratio of -17.32 and a beta of 0.70. The company has a debt-to-equity ratio of 1.69, a current ratio of 3.34 and a quick ratio of 3.15.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.02). The firm had revenue of $120.88 million for the quarter, compared to the consensus estimate of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. The firm's revenue for the quarter was up 34.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.08) earnings per share. Sell-side analysts anticipate that Ardelyx will post -0.2 EPS for the current fiscal year.

Insider Activity at Ardelyx

In other Ardelyx news, insider Eric Duane Foster sold 8,562 shares of the business's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $3.86, for a total value of $33,049.32. Following the completion of the transaction, the insider owned 409,410 shares of the company's stock, valued at approximately $1,580,322.60. The trade was a 2.05% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Laura A. Williams sold 10,739 shares of the company's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $41,452.54. Following the transaction, the insider owned 367,456 shares in the company, valued at $1,418,380.16. This represents a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 126,059 shares of company stock valued at $486,588 over the last three months. 5.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the stock. Mercer Global Advisors Inc. ADV lifted its position in Ardelyx by 4.7% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 38,512 shares of the biopharmaceutical company's stock valued at $225,000 after purchasing an additional 1,722 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in Ardelyx by 0.7% in the fourth quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 347,609 shares of the biopharmaceutical company's stock worth $2,027,000 after purchasing an additional 2,532 shares during the last quarter. Cerity Partners LLC grew its position in Ardelyx by 5.3% in the 4th quarter. Cerity Partners LLC now owns 59,359 shares of the biopharmaceutical company's stock worth $346,000 after purchasing an additional 2,972 shares during the period. Integrated Wealth Concepts LLC grew its position in Ardelyx by 24.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,263 shares of the biopharmaceutical company's stock worth $84,000 after purchasing an additional 2,975 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Ardelyx by 22.7% during the 1st quarter. Principal Financial Group Inc. now owns 17,570 shares of the biopharmaceutical company's stock valued at $105,000 after buying an additional 3,253 shares during the last quarter. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Company Profile

Ardelyx, Inc NASDAQ: ARDX is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company's lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx's proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx's development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.

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