Ardelyx (NASDAQ:ARDX) Given New $14.00 Price Target at Wedbush

Ardelyx (NASDAQ:ARDX) had its price target hoisted by research analysts at Wedbush from $13.00 to $14.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “outperform” rating on the biopharmaceutical company’s stock. Wedbush’s price target indicates a potential upside of 113.41% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a report on Friday, January 12th. Citigroup upped their price objective on shares of Ardelyx from $9.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, January 10th. Leerink Partnrs reaffirmed an “outperform” rating on shares of Ardelyx in a research report on Friday, April 5th. StockNews.com downgraded shares of Ardelyx from a “hold” rating to a “sell” rating in a research report on Monday, February 26th. Finally, Piper Sandler upped their price objective on shares of Ardelyx from $12.00 to $15.00 and gave the stock an “overweight” rating in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.69.

Ardelyx Trading Down 2.2 %

ARDX traded down $0.15 during trading on Wednesday, reaching $6.56. 2,674,326 shares of the stock traded hands, compared to its average volume of 6,152,750. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $1.53 billion, a PE ratio of -21.93 and a beta of 0.85. The stock’s 50-day moving average is $8.30 and its 200 day moving average is $6.57. Ardelyx has a 12 month low of $3.16 and a 12 month high of $10.13.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Thursday, February 22nd. The biopharmaceutical company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.03). Ardelyx had a negative net margin of 53.08% and a negative return on equity of 43.57%. The firm had revenue of $34.36 million for the quarter, compared to the consensus estimate of $34.26 million. During the same period last year, the company posted $0.06 EPS. The business’s revenue was down 22.2% compared to the same quarter last year. Equities analysts anticipate that Ardelyx will post -0.44 earnings per share for the current year.

Insider Buying and Selling

In related news, insider David P. Rosenbaum sold 15,344 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $9.18, for a total value of $140,857.92. Following the completion of the transaction, the insider now directly owns 384,002 shares of the company’s stock, valued at approximately $3,525,138.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Ardelyx news, insider Elizabeth A. Grammer sold 86,000 shares of the stock in a transaction that occurred on Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total value of $664,780.00. Following the sale, the insider now directly owns 312,993 shares in the company, valued at approximately $2,419,435.89. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider David P. Rosenbaum sold 15,344 shares of the stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $9.18, for a total transaction of $140,857.92. Following the completion of the sale, the insider now owns 384,002 shares in the company, valued at $3,525,138.36. The disclosure for this sale can be found here. In the last ninety days, insiders sold 141,320 shares of company stock valued at $1,155,574. Company insiders own 5.50% of the company’s stock.

Institutional Trading of Ardelyx

Several institutional investors and hedge funds have recently bought and sold shares of the company. FMR LLC raised its position in shares of Ardelyx by 235.9% during the 1st quarter. FMR LLC now owns 5,733 shares of the biopharmaceutical company’s stock valued at $27,000 after buying an additional 4,026 shares in the last quarter. Great West Life Assurance Co. Can purchased a new stake in shares of Ardelyx during the 1st quarter valued at $44,000. Willis Johnson & Associates Inc. purchased a new stake in shares of Ardelyx during the 3rd quarter valued at $41,000. SJS Investment Consulting Inc. purchased a new position in Ardelyx in the 4th quarter worth $62,000. Finally, Jump Financial LLC purchased a new position in Ardelyx in the 4th quarter worth $63,000. 58.92% of the stock is currently 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.