Ardelyx (NASDAQ:ARDX) Coverage Initiated by Analysts at BTIG Research

Stock analysts at BTIG Research began coverage on shares of Ardelyx (NASDAQ:ARDX - Get Free Report) in a note issued to investors on Tuesday, Marketbeat Ratings reports. The firm set a "buy" rating and a $14.00 price target on the biopharmaceutical company's stock. BTIG Research's price objective indicates a potential upside of 155.71% from the company's current price.

ARDX has been the topic of a number of other reports. HC Wainwright reiterated a "neutral" rating and set a $5.50 target price on shares of Ardelyx in a report on Friday, February 21st. Cantor Fitzgerald upgraded Ardelyx to a "strong-buy" rating in a research note on Thursday, January 30th. Citigroup decreased their target price on Ardelyx from $12.00 to $10.00 and set a "buy" rating for the company in a report on Monday, November 4th. Jefferies Financial Group cut their price target on Ardelyx from $11.00 to $8.00 and set a "buy" rating on the stock in a report on Thursday, January 2nd. Finally, Raymond James reiterated a "strong-buy" rating and issued a $13.00 price objective (down previously from $15.00) on shares of Ardelyx in a research note on Friday, February 21st. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Ardelyx currently has an average rating of "Moderate Buy" and an average target price of $10.44.

Ardelyx Trading Up 0.6 %

Shares of NASDAQ ARDX traded up $0.04 during midday trading on Tuesday, reaching $5.48. 484,439 shares of the stock were exchanged, compared to its average volume of 4,155,185. The stock has a market capitalization of $1.30 billion, a P/E ratio of -34.28 and a beta of 0.85. The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.31 and a current ratio of 4.58. The company has a 50 day simple moving average of $5.37 and a 200 day simple moving average of $5.60. Ardelyx has a twelve month low of $4.32 and a twelve month high of $9.61.

Ardelyx (NASDAQ:ARDX - Get Free Report) last announced its earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 earnings per share for the quarter, hitting the consensus estimate of $0.02. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. The company had revenue of $116.13 million during the quarter, compared to analyst estimates of $111.16 million. As a group, equities analysts expect that Ardelyx will post -0.18 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Michael Raab sold 41,666 shares of Ardelyx stock in a transaction on Tuesday, January 7th. The shares were sold at an average price of $5.31, for a total value of $221,246.46. Following the transaction, the chief executive officer now directly owns 1,129,552 shares in the company, valued at $5,997,921.12. This trade represents a 3.56 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director David M. Mott acquired 77,729 shares of the business's stock in a transaction on Monday, February 24th. The shares were purchased at an average price of $5.00 per share, with a total value of $388,645.00. Following the transaction, the director now owns 2,015,494 shares in the company, valued at $10,077,470. The trade was a 4.01 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 490,029 shares of company stock valued at $2,377,766 and have sold 141,408 shares valued at $761,963. Corporate insiders own 5.90% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ARDX. Janus Henderson Group PLC increased its position in Ardelyx by 13.3% during the 4th quarter. Janus Henderson Group PLC now owns 24,387,941 shares of the biopharmaceutical company's stock worth $123,587,000 after purchasing an additional 2,858,061 shares during the period. Vanguard Group Inc. grew its holdings in Ardelyx by 5.6% during the fourth quarter. Vanguard Group Inc. now owns 14,362,659 shares of the biopharmaceutical company's stock worth $72,819,000 after acquiring an additional 767,111 shares during the period. State Street Corp raised its position in Ardelyx by 1.5% in the third quarter. State Street Corp now owns 12,141,850 shares of the biopharmaceutical company's stock worth $83,657,000 after acquiring an additional 176,789 shares in the last quarter. Eventide Asset Management LLC lifted its holdings in Ardelyx by 11.2% in the third 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 period. Finally, Geode Capital Management LLC lifted its holdings in Ardelyx by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 5,509,730 shares of the biopharmaceutical company's stock valued at $27,941,000 after acquiring an additional 21,988 shares during the period. 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.