Ardelyx (NASDAQ:ARDX) Coverage Initiated by Analysts at SVB Leerink

Equities research analysts at SVB Leerink assumed coverage on shares of Ardelyx (NASDAQ:ARDX - Get Free Report) in a note issued to investors on Friday, Marketbeat Ratings reports. The firm set an "outperform" rating and a $14.00 price target on the biopharmaceutical company's stock. SVB Leerink's price target would suggest a potential upside of 86.67% from the company's previous close.

ARDX has been the subject of several other reports. StockNews.com lowered shares of Ardelyx from a "hold" rating to a "sell" rating in a report on Monday, February 26th. Wedbush reaffirmed an "outperform" rating and issued a $13.00 price target on shares of Ardelyx in a report on Friday, February 23rd. Piper Sandler lifted their price target on shares of Ardelyx from $12.00 to $15.00 and gave the company an "overweight" rating in a report on Friday, February 23rd. Cantor Fitzgerald reissued an "overweight" rating on shares of Ardelyx in a research note on Friday, January 12th. Finally, Raymond James boosted their target price on shares of Ardelyx from $12.00 to $15.00 and gave the company a "strong-buy" rating in a research note on Tuesday, January 9th. One equities research analyst has rated the stock with a sell rating, seven have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $12.56.

Ardelyx Stock Up 4.7 %

ARDX stock traded up $0.34 during mid-day trading on Friday, hitting $7.50. 7,834,657 shares of the company were exchanged, compared to its average volume of 6,338,943. The company has a market capitalization of $1.75 billion, a PE ratio of -25.00 and a beta of 0.85. The company has a current ratio of 4.88, a quick ratio of 4.64 and a debt-to-equity ratio of 0.30. Ardelyx has a twelve month low of $3.16 and a twelve month high of $10.13. The firm has a fifty day simple moving average of $8.58 and a 200 day simple moving average of $6.38.

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

Insiders Place Their Bets

In other Ardelyx news, insider Robert Blanks sold 5,017 shares of the business's stock in a transaction dated Tuesday, February 20th. The shares were sold at an average price of $8.75, for a total transaction of $43,898.75. Following the sale, the insider now directly owns 368,186 shares in the company, valued at approximately $3,221,627.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, insider Elizabeth A. Grammer sold 86,000 shares of the business'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 sale, the insider now directly owns 312,993 shares in the company, valued at approximately $2,419,435.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert Blanks sold 5,017 shares of the business's stock in a transaction that occurred on Tuesday, February 20th. The stock was sold at an average price of $8.75, for a total transaction of $43,898.75. Following the completion of the sale, the insider now owns 368,186 shares in the company, valued at $3,221,627.50. The disclosure for this sale can be found here. In the last three months, insiders have sold 171,320 shares of company stock worth $1,354,774. 5.50% of the stock is owned by corporate insiders.

Institutional Trading of Ardelyx

Hedge funds and other institutional investors have recently made changes to their positions in the business. GSA Capital Partners LLP raised its holdings in shares of Ardelyx by 1,183.6% in the 3rd quarter. GSA Capital Partners LLP now owns 549,695 shares of the biopharmaceutical company's stock worth $2,243,000 after purchasing an additional 506,872 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in shares of Ardelyx during the third quarter valued at approximately $320,000. Charles Schwab Investment Management Inc. raised its holdings in shares of Ardelyx by 185.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 1,666,267 shares of the biopharmaceutical company's stock valued at $6,798,000 after acquiring an additional 1,082,554 shares during the period. TD Asset Management Inc raised its holdings in shares of Ardelyx by 100.0% during the third quarter. TD Asset Management Inc now owns 273,600 shares of the biopharmaceutical company's stock valued at $1,116,000 after acquiring an additional 136,800 shares during the period. Finally, Adage Capital Partners GP L.L.C. acquired a new stake in shares of Ardelyx during the third quarter valued at approximately $9,384,000. 58.92% of the stock is currently owned by institutional investors.

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.