Ardelyx, Inc. (NASDAQ:ARDX) Receives Consensus Rating of "Moderate Buy" from Analysts

Shares of Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) have earned an average recommendation of "Moderate Buy" from the eight ratings firms that are covering the firm, Marketbeat Ratings reports. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $10.42.

ARDX has been the topic of several recent research reports. HC Wainwright cut Ardelyx from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $11.00 to $5.50 in a research report on Monday, November 11th. Citigroup lowered their price target on shares of Ardelyx from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, November 4th.

Insider Buying and Selling

In other news, CEO Michael Raab sold 25,000 shares of the business's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $5.91, for a total transaction of $147,750.00. Following the completion of the transaction, the chief executive officer now owns 1,210,108 shares of the company's stock, valued at approximately $7,151,738.28. The trade was a 2.02 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David P. Rosenbaum sold 49,564 shares of the firm's stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $6.92, for a total value of $342,982.88. Following the completion of the sale, the insider now directly owns 301,946 shares in the company, valued at $2,089,466.32. This trade represents a 14.10 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 242,068 shares of company stock valued at $1,407,791 over the last quarter. 5.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Millennium Management LLC increased its position in Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company's stock worth $23,735,000 after purchasing an additional 1,883,995 shares in the last quarter. Rubric Capital Management LP increased its holdings in shares of Ardelyx by 68.5% during the third quarter. Rubric Capital Management LP now owns 3,060,191 shares of the biopharmaceutical company's stock worth $21,085,000 after buying an additional 1,243,606 shares in the last quarter. Eventide Asset Management LLC lifted its stake in shares of Ardelyx by 11.2% in the 3rd quarter. Eventide Asset Management LLC now owns 7,413,049 shares of the biopharmaceutical company's stock valued at $51,076,000 after acquiring an additional 746,067 shares during the last quarter. Vestal Point Capital LP acquired a new stake in shares of Ardelyx during the 3rd quarter valued at $3,445,000. Finally, Squarepoint Ops LLC grew its position in Ardelyx by 375.9% during the 2nd quarter. Squarepoint Ops LLC now owns 460,689 shares of the biopharmaceutical company's stock worth $3,414,000 after acquiring an additional 363,894 shares during the last quarter. Institutional investors own 58.92% of the company's stock.

Ardelyx Stock Performance

Shares of NASDAQ ARDX traded down $0.08 during trading hours on Thursday, reaching $5.24. 2,889,376 shares of the stock were exchanged, compared to its average volume of 4,880,931. The firm has a market capitalization of $1.24 billion, a price-to-earnings ratio of -17.47 and a beta of 0.83. The stock's fifty day simple moving average is $5.60 and its 200 day simple moving average is $5.92. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. Ardelyx has a 52 week low of $4.34 and a 52 week high of $10.13.

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.