Ardelyx, Inc. (NASDAQ:ARDX) Stock Has Average Target Price of $13.90 According to Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Ardelyx, with nine buy ratings, one strong buy, and two sell ratings. The average 12-month price target is $13.90, though several firms recently lowered their targets.
• Ardelyx shares opened at $3.09, near their 12-month low of $3.06, with the stock down 5.5%. The company missed quarterly EPS estimates, reporting a $0.07 loss per share versus the expected $0.05 loss, while revenue rose 34.3% year over year.
• Insiders sold 126,059 shares worth approximately $486,588 over the past 90 days, while hedge funds and other institutions own 58.92% of the company.

Shares of Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) have earned an average recommendation of "Moderate Buy" from the twelve analysts that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell recommendation, nine have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 1 year target price among analysts that have issued ratings on the stock in the last year is $13.90.

A number of research firms have recently issued reports on ARDX. HC Wainwright reissued a "buy" rating and issued a $13.00 price target on shares of Ardelyx in a research note on Friday, August 7th. BTIG Research decreased their price objective on shares of Ardelyx from $17.00 to $14.00 and set a "buy" rating on the stock in a report on Friday, August 7th. Piper Sandler dropped their target price on shares of Ardelyx from $16.00 to $15.00 and set an "overweight" rating for the company in a report on Monday, August 17th. Zacks Research lowered Ardelyx from a "hold" rating to a "strong sell" rating in a research report on Wednesday, July 22nd. Finally, Citigroup cut their target price on Ardelyx from $14.00 to $11.00 and set a "buy" rating on the stock in a research report on Monday, August 10th.

Ardelyx Stock Down 5.5%

Shares of NASDAQ:ARDX opened at $3.09 on Friday. The company has a market capitalization of $769.99 million, a price-to-earnings ratio of -14.05 and a beta of 0.68. Ardelyx has a 12-month low of $3.06 and a 12-month high of $8.40. The business has a 50-day moving average price of $3.60 and a 200 day moving average price of $5.01. The company has a current ratio of 3.34, a quick ratio of 3.15 and a debt-to-equity ratio of 1.69.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.02). The company had revenue of $120.88 million during the quarter, compared to analyst estimates of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. The company's quarterly revenue was up 34.3% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.08) EPS. Sell-side analysts expect that Ardelyx will post -0.20 EPS for the current year.

Insider Buying and Selling at Ardelyx

In related news, CEO Michael Raab sold 58,574 shares of the business's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $3.86, for a total value of $226,095.64. Following the sale, the chief executive officer owned 1,619,792 shares in the company, valued at approximately $6,252,397.12. The trade was a 3.49% decrease in their position. The transaction 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 stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $3.86, for a total value of $41,452.54. Following the transaction, the insider directly owned 367,456 shares in the company, valued at approximately $1,418,380.16. The trade was a 2.84% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 126,059 shares of company stock valued at $486,588. Corporate insiders own 5.30% of the company's stock.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds and other institutional investors have recently bought and sold shares of ARDX. Principal Financial Group Inc. increased its holdings in shares of Ardelyx by 22.7% in the 1st quarter. Principal Financial Group Inc. now owns 17,570 shares of the biopharmaceutical company's stock valued at $105,000 after acquiring an additional 3,253 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Ardelyx by 30.0% during the 2nd quarter. NewEdge Advisors LLC now owns 23,724 shares of the biopharmaceutical company's stock worth $121,000 after acquiring an additional 5,476 shares in the last quarter. Swiss National Bank raised its position in shares of Ardelyx by 1.2% during the 1st quarter. Swiss National Bank now owns 480,800 shares of the biopharmaceutical company's stock worth $2,880,000 after acquiring an additional 5,600 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Ardelyx by 7.0% during the second quarter. Hsbc Holdings PLC now owns 100,550 shares of the biopharmaceutical company's stock worth $509,000 after purchasing an additional 6,619 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. purchased a new stake in Ardelyx during the second quarter worth approximately $35,000. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

Ardelyx Company Profile

Ardelyx, Inc is a biopharmaceutical company focused on developing and commercializing therapies for gastrointestinal and cardiorenal conditions. The company's products are designed to act locally in the gastrointestinal tract to address diseases involving phosphate, sodium, and other electrolytes.

Ardelyx's primary products include XPHOZAH (tenapanor), an oral treatment approved in the United States to reduce intestinal phosphate absorption in adults with chronic kidney disease on dialysis who have hyperphosphatemia, and IBSRELA (tenapanor), an oral therapy approved for the treatment of irritable bowel syndrome with constipation in adults.

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