Piper Sandler Forecasts Strong Price Appreciation for Ardelyx (NASDAQ:ARDX) Stock

Key Points

• Piper Sandler raised its target price for Ardelyx (NASDAQ:ARDX) from $8.00 to $9.00, signaling a potential upside of 75.95% based on the company's current price.
• Several analysts, including Wedbush and Raymond James, have issued positive ratings and price targets for Ardelyx, with a consensus rating of "Moderate Buy" and a target price of $11.50.
• Ardelyx's stock has shown recent volatility, trading down 0.3% at $5.12 despite a reported revenue increase of 23.0% compared to the prior year.

Ardelyx (NASDAQ:ARDX - Get Free Report) had its target price increased by analysts at Piper Sandler from $8.00 to $9.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the biopharmaceutical company's stock. Piper Sandler's target price suggests a potential upside of 76.40% from the stock's current price.

Several other research analysts also recently weighed in on the stock. UBS Group set a $12.00 price target on shares of Ardelyx in a research report on Tuesday. Raymond James Financial reiterated an "outperform" rating and issued a $12.00 price target (up from $11.00) on shares of Ardelyx in a research report on Tuesday. HC Wainwright started coverage on shares of Ardelyx in a research report on Wednesday, June 18th. They issued a "buy" rating and a $10.00 price target on the stock. Wedbush reiterated an "outperform" rating and issued a $14.00 price target (up from $13.00) on shares of Ardelyx in a research report on Tuesday. Finally, Citigroup decreased their price objective on shares of Ardelyx from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $11.50.

Ardelyx Stock Performance

Ardelyx stock traded down $0.04 during midday trading on Wednesday, reaching $5.10. 1,241,707 shares of the company traded hands, compared to its average volume of 4,804,302. The company has a debt-to-equity ratio of 1.44, a current ratio of 4.30 and a quick ratio of 3.81. Ardelyx has a 12 month low of $3.21 and a 12 month high of $7.18. The firm has a market capitalization of $1.23 billion, a price-to-earnings ratio of -22.15 and a beta of 0.68. The business has a 50 day moving average of $4.13 and a two-hundred day moving average of $4.64.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.05. Ardelyx had a negative net margin of 14.60% and a negative return on equity of 36.57%. The business had revenue of $97.66 million for the quarter, compared to the consensus estimate of $82.69 million. During the same period last year, the firm earned ($0.07) earnings per share. The company's quarterly revenue was up 23.0% on a year-over-year basis. As a group, research analysts predict that Ardelyx will post -0.18 earnings per share for the current year.

Insider Activity

In related news, Director David M. Mott bought 200,000 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was bought at an average cost of $3.63 per share, with a total value of $726,000.00. Following the completion of the purchase, the director owned 2,896,871 shares of the company's stock, valued at approximately $10,515,641.73. The trade was a 7.42% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Mike Kelliher sold 14,522 shares of the firm's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $4.08, for a total transaction of $59,249.76. Following the transaction, the insider directly owned 282,158 shares of the company's stock, valued at $1,151,204.64. The trade was a 4.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders purchased 500,000 shares of company stock worth $1,793,000 and sold 83,477 shares worth $340,586. Company insiders own 4.80% of the company's stock.

Hedge Funds Weigh In On Ardelyx

Institutional investors have recently bought and sold shares of the stock. GF Fund Management CO. LTD. purchased a new position in Ardelyx during the fourth quarter valued at $25,000. GAMMA Investing LLC grew its stake in Ardelyx by 1,342.0% during the first quarter. GAMMA Investing LLC now owns 5,912 shares of the biopharmaceutical company's stock valued at $290,000 after acquiring an additional 5,502 shares in the last quarter. Quarry LP purchased a new position in shares of Ardelyx in the 4th quarter worth $51,000. Rehmann Capital Advisory Group purchased a new position in shares of Ardelyx in the 4th quarter worth $51,000. Finally, Cyndeo Wealth Partners LLC purchased a new position in shares of Ardelyx in the 1st quarter worth $49,000. 58.92% of the stock is owned by hedge funds and other institutional investors.

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.