Ardelyx (NASDAQ:ARDX) Receives Outperform Rating from Leerink Partnrs

Ardelyx (NASDAQ:ARDX - Get Free Report)'s stock had its "outperform" rating restated by Leerink Partnrs in a research report issued to clients and investors on Friday, Zacks.com reports.

Several other equities research analysts have also weighed in on ARDX. Piper Sandler raised their price objective on Ardelyx from $12.00 to $15.00 and gave the stock an "overweight" rating in a research note on Friday, February 23rd. SVB Leerink initiated coverage on Ardelyx in a report on Friday. They set an "outperform" rating and a $14.00 price objective for the company. Cantor Fitzgerald restated an "overweight" rating on shares of Ardelyx in a report on Friday, January 12th. StockNews.com lowered Ardelyx from a "hold" rating to a "sell" rating in a report on Monday, February 26th. Finally, Raymond James lifted their price objective on Ardelyx from $12.00 to $15.00 and gave the stock a "strong-buy" rating in a research note on Tuesday, January 9th. One investment analyst has rated the stock with a sell rating, eight have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $12.56.

Ardelyx Stock Performance

Shares of NASDAQ:ARDX traded down $0.15 during trading on Friday, hitting $7.17. 4,413,118 shares of the company traded hands, compared to its average volume of 6,294,147. Ardelyx has a one year low of $3.16 and a one year high of $10.13. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.67 billion, a price-to-earnings ratio of -24.03 and a beta of 0.86. The business's fifty day moving average is $8.53 and its 200-day moving average is $6.44.

Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its 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 quarter in the prior year, the business earned $0.06 earnings per share. The firm's revenue was down 22.2% compared to the same quarter last year. As a group, equities analysts predict that Ardelyx will post -0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Elizabeth A. Grammer sold 86,000 shares of Ardelyx stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $7.73, for a total transaction of $664,780.00. Following the sale, the insider now directly owns 312,993 shares of the company's stock, valued at $2,419,435.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other Ardelyx news, insider David P. Rosenbaum sold 15,344 shares of Ardelyx stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $9.18, for a total transaction of $140,857.92. Following the sale, the insider now directly owns 384,002 shares of the company's stock, valued at $3,525,138.36. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Elizabeth A. Grammer sold 86,000 shares of Ardelyx 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 $2,419,435.89. The disclosure for this sale can be found here. Insiders have sold a total of 141,320 shares of company stock valued at $1,155,574 over the last three months. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

A number of institutional investors have recently added to or reduced their stakes in the stock. FMR LLC raised its position in Ardelyx by 235.9% in the 1st quarter. FMR LLC now owns 5,733 shares of the biopharmaceutical company's stock worth $27,000 after purchasing an additional 4,026 shares during the last quarter. Great West Life Assurance Co. Can acquired a new position in shares of Ardelyx in the 1st quarter valued at $44,000. Willis Johnson & Associates Inc. acquired a new position in Ardelyx in the 3rd quarter worth $41,000. SJS Investment Consulting Inc. acquired a new position in Ardelyx in the 4th quarter worth $62,000. Finally, Jump Financial LLC acquired a new position in Ardelyx in the 4th quarter worth $63,000. 58.92% of the stock is owned by institutional investors and hedge funds.

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.