Wedbush Reiterates Outperform Rating for Ardelyx (NASDAQ:ARDX)

Key Points

• Wedbush reiterated its “Outperform” rating on Ardelyx and maintained a $9.00 price target, implying 121.67% potential upside from the reported $4.06 share price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $13.90, despite several firms recently lowering their targets.
• Ardelyx’s latest quarterly results missed expectations, reporting an adjusted loss of $0.07 per share versus the expected $0.05 loss, while revenue rose 34.3% year over year to $120.88 million.

Ardelyx (NASDAQ:ARDX - Get Free Report)'s stock had its "outperform" rating reiterated by equities research analysts at Wedbush in a report issued on Tuesday,Benzinga reports. They currently have a $9.00 price objective on the biopharmaceutical company's stock. Wedbush's target price points to a potential upside of 121.67% from the company's previous close.

Other equities research analysts have also issued research reports about the stock. LADENBURG THALM/SH SH assumed coverage on shares of Ardelyx in a report on Tuesday, June 16th. They set a "buy" rating and a $16.00 price objective for the company. BTIG Research reduced their target price on shares of Ardelyx from $17.00 to $14.00 and set a "buy" rating on the stock in a research report on Friday, August 7th. Citigroup reduced their target price on shares of Ardelyx from $14.00 to $11.00 and set a "buy" rating on the stock in a research report on Monday, August 10th. TD Cowen decreased their price target on shares of Ardelyx from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Friday, August 7th. Finally, Piper Sandler lowered their price target on Ardelyx from $16.00 to $15.00 and set an "overweight" rating for the company in a report on Monday. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $13.90.

Ardelyx Stock Performance

ARDX stock opened at $4.06 on Tuesday. The company has a quick ratio of 3.15, a current ratio of 3.34 and a debt-to-equity ratio of 1.69. The business's fifty day simple moving average is $5.19 and its two-hundred day simple moving average is $5.91. Ardelyx has a twelve month low of $3.86 and a twelve month high of $8.40. The firm has a market cap of $1.01 billion, a price-to-earnings ratio of -18.45 and a beta of 0.70.

Ardelyx (NASDAQ:ARDX - Get Free Report) last issued its earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.02). The company had revenue of $120.88 million for the quarter, compared to analysts' expectations of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. The firm's revenue for the quarter was up 34.3% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.08) earnings per share. Analysts predict that Ardelyx will post -0.18 earnings per share for the current year.

Insider Activity

In other Ardelyx news, insider Mike Kelliher sold 7,248 shares of the firm's stock in a transaction dated Thursday, May 21st. The shares were sold at an average price of $6.27, for a total transaction of $45,444.96. Following the transaction, the insider owned 357,418 shares of the company's stock, valued at approximately $2,241,010.86. This trade represents a 1.99% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Eric Duane Foster sold 7,998 shares of the company's stock in a transaction that occurred on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $50,147.46. Following the completion of the sale, the insider directly owned 417,972 shares of the company's stock, valued at $2,620,684.44. The trade was a 1.88% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 24,572 shares of company stock worth $154,066. 5.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ardelyx

Large investors have recently bought and sold shares of the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings in Ardelyx by 2.9% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 159,061 shares of the biopharmaceutical company's stock worth $781,000 after buying an additional 4,436 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Ardelyx by 10.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,378,738 shares of the biopharmaceutical company's stock worth $11,680,000 after acquiring an additional 221,486 shares in the last quarter. Focus Partners Wealth bought a new position in shares of Ardelyx in the 1st quarter worth $72,000. Strs Ohio purchased a new stake in shares of Ardelyx during the 1st quarter worth $135,000. Finally, Legal & General Group Plc lifted its stake in shares of Ardelyx by 13.5% during the 2nd quarter. Legal & General Group Plc now owns 275,344 shares of the biopharmaceutical company's stock worth $1,080,000 after purchasing an additional 32,738 shares during the last quarter. Institutional investors own 58.92% of the company's stock.

Ardelyx Company Profile

Ardelyx, Inc NASDAQ: ARDX is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company's lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx's proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx's development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.

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