Ardelyx, Inc. (NASDAQ:ARDX) Given Average Rating of "Buy" by Analysts

Shares of Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) have been assigned a consensus rating of "Buy" from the eight ratings firms that are covering the stock, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation, six have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $11.67.

A number of brokerages have recently issued reports on ARDX. Piper Sandler downgraded Ardelyx from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $15.00 to $7.00 in a research report on Tuesday, July 2nd. HC Wainwright raised their price target on Ardelyx from $10.00 to $11.00 and gave the company a "buy" rating in a research report on Monday, August 5th. Wedbush reiterated an "outperform" rating and set a $11.00 price objective on shares of Ardelyx in a research report on Friday, August 2nd. Citigroup upped their target price on Ardelyx from $10.00 to $12.00 and gave the stock a "buy" rating in a research note on Friday, August 2nd. Finally, StockNews.com raised shares of Ardelyx from a "sell" rating to a "hold" rating in a research note on Wednesday, July 31st.

Ardelyx Stock Performance

NASDAQ:ARDX opened at $5.78 on Wednesday. The business's fifty day moving average is $6.09 and its 200 day moving average is $6.38. Ardelyx has a 52-week low of $3.40 and a 52-week high of $10.13. The firm has a market cap of $1.35 billion, a price-to-earnings ratio of -20.64 and a beta of 0.90. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.99 and a current ratio of 4.21.

Ardelyx (NASDAQ:ARDX - Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. The firm had revenue of $73.20 million during the quarter, compared to analyst estimates of $55.03 million. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 39.73%. The business's revenue for the quarter was up 228.3% on a year-over-year basis. During the same period in the previous year, the business earned ($0.08) EPS. Research analysts predict that Ardelyx will post -0.25 EPS for the current year.

Insider Transactions at Ardelyx

In related news, CFO Justin A. Renz sold 5,289 shares of the company's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.86, for a total transaction of $30,993.54. Following the completion of the transaction, the chief financial officer now owns 295,257 shares in the company, valued at $1,730,206.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CFO Justin A. Renz sold 5,289 shares of the business's stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.86, for a total transaction of $30,993.54. Following the transaction, the chief financial officer now owns 295,257 shares in the company, valued at $1,730,206.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available 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 stock was sold at an average price of $6.92, for a total transaction of $342,982.88. Following the completion of the sale, the insider now owns 301,946 shares of the company's stock, valued at $2,089,466.32. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 217,126 shares of company stock worth $1,320,413. 5.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ardelyx

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Ardelyx by 9.5% during the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 643,912 shares of the biopharmaceutical company's stock valued at $4,437,000 after buying an additional 55,720 shares in the last quarter. Inspire Investing LLC lifted its position in Ardelyx by 22.3% during the 3rd quarter. Inspire Investing LLC now owns 59,793 shares of the biopharmaceutical company's stock valued at $412,000 after acquiring an additional 10,912 shares during the period. CWM LLC increased its stake in shares of Ardelyx by 328.1% during the third quarter. CWM LLC now owns 12,814 shares of the biopharmaceutical company's stock valued at $88,000 after purchasing an additional 9,821 shares in the last quarter. Helen Stephens Group LLC purchased a new position in shares of Ardelyx during the third quarter valued at approximately $76,000. Finally, B. Riley Wealth Advisors Inc. bought a new stake in shares of Ardelyx in the 2nd quarter worth approximately $645,000. 58.92% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Company Profile

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.