Ardelyx, Inc. (NASDAQ:ARDX) Given Consensus Rating of "Buy" by Brokerages

Shares of Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) have received an average recommendation of "Buy" from the eight ratings firms that are presently covering the firm, MarketBeat Ratings reports. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is $12.56.

Several research analysts have issued reports on the stock. Citigroup lifted their target price on shares of Ardelyx from $9.00 to $14.00 and gave the stock a "buy" rating in a report on Wednesday, January 10th. StockNews.com cut shares of Ardelyx from a "hold" rating to a "sell" rating in a report on Monday, February 26th. Piper Sandler boosted their price objective on shares of Ardelyx from $12.00 to $15.00 and gave the company an "overweight" rating in a report on Friday, February 23rd. Raymond James boosted their price objective on shares of Ardelyx from $12.00 to $15.00 and gave the company a "strong-buy" rating in a report on Tuesday, January 9th. Finally, Wedbush reissued an "outperform" rating and set a $13.00 price objective on shares of Ardelyx in a report on Friday, February 23rd.

Ardelyx Stock Up 4.7 %

NASDAQ:ARDX traded up $0.34 during mid-day trading on Friday, hitting $7.50. 7,521,214 shares of the company's stock were exchanged, compared to its average volume of 5,361,708. Ardelyx has a one year low of $3.16 and a one year high of $10.13. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.88 and a quick ratio of 4.64. The business has a fifty day moving average price of $8.58 and a 200 day moving average price of $6.38. The company has a market cap of $1.75 billion, a PE ratio of -25.00 and a beta of 0.85.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings data on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.03). The business had revenue of $34.36 million for the quarter, compared to the consensus estimate of $34.26 million. Ardelyx had a negative return on equity of 43.57% and a negative net margin of 53.08%. The company's revenue was down 22.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.06 EPS. Equities analysts predict that Ardelyx will post -0.44 EPS for the current year.

Insiders Place Their Bets

In other Ardelyx news, insider Elizabeth A. Grammer sold 86,000 shares of the company's stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total value of $664,780.00. Following the completion of the transaction, the insider now directly owns 312,993 shares in the company, valued at $2,419,435.89. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, insider Elizabeth A. Grammer sold 86,000 shares of the company's stock in a transaction on Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total transaction of $664,780.00. Following the completion of the transaction, the insider now owns 312,993 shares in the company, valued at $2,419,435.89. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider David P. Rosenbaum sold 30,000 shares of the company's stock in a transaction on Monday, January 8th. The stock was sold at an average price of $6.64, for a total transaction of $199,200.00. Following the transaction, the insider now owns 286,596 shares of the company's stock, valued at approximately $1,902,997.44. The disclosure for this sale can be found here. Insiders sold a total of 171,320 shares of company stock worth $1,354,774 over the last three months. 5.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds and other institutional investors have recently modified their holdings of ARDX. FMR LLC boosted its position in shares of Ardelyx by 235.9% during the first quarter. FMR LLC now owns 5,733 shares of the biopharmaceutical company's stock worth $27,000 after acquiring an additional 4,026 shares during the last quarter. HighTower Advisors LLC purchased a new stake in Ardelyx during the fourth quarter valued at $35,000. Willis Johnson & Associates Inc. purchased a new stake in Ardelyx during the third quarter valued at $41,000. Redwood Wealth Management Group LLC purchased a new stake in Ardelyx during the third quarter valued at $43,000. Finally, Great West Life Assurance Co. Can purchased a new stake in Ardelyx during the first quarter valued at $44,000. Institutional investors own 58.92% of the company's stock.

Ardelyx Company Profile

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.