HC Wainwright Increases Ardelyx (NASDAQ:ARDX) Price Target to $11.00

Ardelyx (NASDAQ:ARDX) had its target price increased by HC Wainwright from $10.00 to $11.00 in a research note released on Monday morning, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock. HC Wainwright also issued estimates for Ardelyx’s Q3 2024 earnings at ($0.07) EPS, FY2024 earnings at ($0.30) EPS, Q1 2025 earnings at ($0.04) EPS, Q2 2025 earnings at $0.00 EPS, Q3 2025 earnings at $0.02 EPS, Q4 2025 earnings at $0.03 EPS, FY2025 earnings at $0.00 EPS, FY2026 earnings at $0.61 EPS, FY2027 earnings at $1.31 EPS and FY2028 earnings at $1.63 EPS.

Other equities analysts have also recently issued reports about the company. Citigroup increased their target price on Ardelyx from $10.00 to $12.00 and gave the stock a buy rating in a report on Friday, August 2nd. Wedbush reissued an outperform rating and set a $11.00 price objective on shares of Ardelyx in a report on Friday, August 2nd. Cantor Fitzgerald restated an overweight rating on shares of Ardelyx in a research note on Thursday, June 20th. StockNews.com upgraded shares of Ardelyx from a sell rating to a hold rating in a research report on Wednesday, July 31st. Finally, Piper Sandler lowered shares of Ardelyx from an overweight rating to a neutral rating and reduced their price target for the company from $15.00 to $7.00 in a research report on Tuesday, July 2nd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Ardelyx presently has an average rating of Moderate Buy and an average price target of $11.43.

Ardelyx Stock Performance

ARDX opened at $5.87 on Monday. The stock has a market cap of $1.37 billion, a PE ratio of -20.96 and a beta of 0.83. Ardelyx has a 1 year low of $3.16 and a 1 year high of $10.13. The stock’s 50 day simple moving average is $6.05 and its 200-day simple moving average is $7.35. The company has a current ratio of 4.53, a quick ratio of 4.36 and a debt-to-equity ratio of 0.66.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. The company had revenue of $73.20 million during the quarter, compared to the consensus estimate of $55.03 million. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 38.41%. The firm’s revenue for the quarter was up 228.3% compared to the same quarter last year. During the same period last year, the firm earned ($0.08) EPS. Sell-side analysts forecast that Ardelyx will post -0.34 EPS for the current year.

Insiders Place Their Bets

In related news, insider David P. Rosenbaum sold 17,872 shares of the firm’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $7.00, for a total value of $125,104.00. Following the transaction, the insider now owns 158,502 shares in the company, valued at $1,109,514. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Ardelyx news, insider David P. Rosenbaum sold 17,872 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $7.00, for a total transaction of $125,104.00. Following the transaction, the insider now directly owns 158,502 shares in the company, valued at approximately $1,109,514. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Michael Raab sold 7,500 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $6.72, for a total transaction of $50,400.00. Following the completion of the transaction, the chief executive officer now directly owns 1,270,273 shares in the company, valued at approximately $8,536,234.56. The disclosure for this sale can be found here. In the last quarter, insiders have sold 286,182 shares of company stock valued at $1,920,302. 5.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Ardelyx

Several institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Ardelyx by 0.9% during the third quarter. Vanguard Group Inc. now owns 11,565,800 shares of the biopharmaceutical company’s stock worth $47,188,000 after purchasing an additional 97,951 shares during the period. Raymond James & Associates bought a new stake in shares of Ardelyx in the 4th quarter valued at about $98,000. Raymond James Financial Services Advisors Inc. raised its position in shares of Ardelyx by 59.0% in the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 91,302 shares of the biopharmaceutical company’s stock valued at $566,000 after acquiring an additional 33,877 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its stake in Ardelyx by 8.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 152,389 shares of the biopharmaceutical company’s stock worth $945,000 after acquiring an additional 12,208 shares during the last quarter. Finally, Vontobel Holding Ltd. acquired a new position in Ardelyx during the fourth quarter valued at approximately $74,000. Institutional investors own 58.92% of the company’s stock.

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.