Ardelyx (NASDAQ:ARDX) Price Target Lowered to $10.00 at Citigroup

Ardelyx (NASDAQ:ARDX - Get Free Report) had its price target reduced by research analysts at Citigroup from $12.00 to $10.00 in a research note issued to investors on Monday, Benzinga reports. The firm currently has a "buy" rating on the biopharmaceutical company's stock. Citigroup's target price would suggest a potential upside of 69.78% from the company's previous close.

A number of other research analysts have also weighed in on ARDX. HC Wainwright reaffirmed a "buy" rating and issued a $11.00 price target on shares of Ardelyx in a research note on Friday. Wedbush reiterated an "outperform" rating and issued a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. Finally, StockNews.com upgraded shares of Ardelyx from a "sell" rating to a "hold" rating in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Ardelyx presently has a consensus rating of "Moderate Buy" and an average price target of $11.33.

Ardelyx Trading Down 3.3 %

Ardelyx stock traded down $0.20 during midday trading on Monday, hitting $5.89. 5,031,085 shares of the stock were exchanged, compared to its average volume of 4,858,963. The company has a quick ratio of 3.99, a current ratio of 4.21 and a debt-to-equity ratio of 0.68. Ardelyx has a 52 week low of $3.43 and a 52 week high of $10.13. The company has a fifty day simple moving average of $6.07 and a two-hundred day simple moving average of $6.32. The stock has a market capitalization of $1.39 billion, a PE ratio of -19.27 and a beta of 0.92.

Ardelyx (NASDAQ:ARDX - Get Free Report) last announced its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.11) by $0.04. Ardelyx had a negative net margin of 28.82% and a negative return on equity of 46.86%. The firm had revenue of $73.20 million for the quarter, compared to analyst estimates of $55.03 million. During the same quarter in the previous year, the firm posted ($0.08) earnings per share. The business's revenue was up 228.3% on a year-over-year basis. Equities research analysts anticipate that Ardelyx will post -0.25 EPS for the current fiscal year.

Insider Activity

In other news, insider David P. Rosenbaum sold 20,507 shares of the business's stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $6.00, for a total value of $123,042.00. Following the completion of the sale, the insider now owns 158,502 shares of the company's stock, valued at approximately $951,012. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CEO Michael Raab sold 32,225 shares of the company'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 $188,838.50. Following the completion of the sale, the chief executive officer now owns 1,227,009 shares of the company's stock, valued at $7,190,272.74. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider David P. Rosenbaum sold 20,507 shares of the company's stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $6.00, for a total transaction of $123,042.00. Following the sale, the insider now directly owns 158,502 shares of the company's stock, valued at $951,012. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 212,126 shares of company stock valued at $1,298,963. 5.90% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ardelyx

Several institutional investors and hedge funds have recently bought and sold shares of ARDX. Vanguard Group Inc. raised its stake in Ardelyx by 2.8% during the first quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company's stock worth $97,761,000 after acquiring an additional 365,809 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in Ardelyx by 68.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company's stock worth $28,572,000 after acquiring an additional 1,584,597 shares in the last quarter. Millennium Management LLC raised its stake in Ardelyx by 142.8% during the second quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company's stock worth $23,735,000 after acquiring an additional 1,883,995 shares in the last quarter. Redmile Group LLC acquired a new position in Ardelyx during the first quarter worth about $16,020,000. Finally, Hennion & Walsh Asset Management Inc. raised its stake in Ardelyx by 9.5% during the third quarter. Hennion & Walsh Asset Management Inc. now owns 643,912 shares of the biopharmaceutical company's stock worth $4,437,000 after acquiring an additional 55,720 shares in the last quarter. Institutional investors own 58.92% of the company's stock.

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.