Analysts Set Ardelyx, Inc. (NASDAQ:ARDX) Price Target at $11.43

Ardelyx, Inc. (NASDAQ:ARDX) has been assigned a consensus rating of “Buy” from the eight analysts that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $11.43.

Several research firms have recently issued reports on ARDX. HC Wainwright upped their price objective on shares of Ardelyx from $10.00 to $11.00 and gave the company a “buy” rating in a report on Monday, August 5th. Piper Sandler downgraded shares of Ardelyx from an “overweight” rating to a “neutral” rating and lowered their price objective for the stock from $15.00 to $7.00 in a research note on Tuesday, July 2nd. Wedbush reaffirmed an “outperform” rating and set a $11.00 price target on shares of Ardelyx in a research report on Friday, August 2nd. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, July 31st. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Ardelyx in a research note on Thursday, June 20th.

Ardelyx Stock Down 0.3 %

NASDAQ:ARDX opened at $5.80 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.36 and a current ratio of 4.53. The stock has a market capitalization of $1.35 billion, a P/E ratio of -20.71 and a beta of 0.83. The company’s 50-day simple moving average is $5.97 and its 200-day simple moving average is $7.26. Ardelyx has a fifty-two week low of $3.16 and a fifty-two week high of $10.13.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.11) by $0.04. Ardelyx had a negative return on equity of 38.41% and a negative net margin of 31.02%. The business had revenue of $73.20 million for the quarter, compared to the consensus estimate of $55.03 million. During the same period in the prior year, the firm posted ($0.08) earnings per share. The business’s quarterly revenue was up 228.3% on a year-over-year basis. On average, equities analysts anticipate that Ardelyx will post -0.34 earnings per share for the current fiscal year.

Insider Activity at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 7,500 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $6.72, for a total transaction of $50,400.00. Following the transaction, the chief executive officer now owns 1,270,273 shares in the company, valued at $8,536,234.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider David P. Rosenbaum sold 17,872 shares of Ardelyx stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $7.00, for a total value of $125,104.00. Following the sale, the insider now owns 158,502 shares in the company, valued at $1,109,514. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Michael Raab sold 7,500 shares of the company’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $6.72, for a total transaction of $50,400.00. Following the transaction, the chief executive officer now owns 1,270,273 shares of the company’s stock, valued at approximately $8,536,234.56. The disclosure for this sale can be found here. Insiders sold a total of 283,182 shares of company stock worth $1,896,332 in the last 90 days. Corporate insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

A number of hedge funds have recently made changes to their positions in the company. Simplify Asset Management Inc. increased its position in shares of Ardelyx by 70.9% during the second quarter. Simplify Asset Management Inc. now owns 598,000 shares of the biopharmaceutical company’s stock worth $4,431,000 after purchasing an additional 248,000 shares in the last quarter. Public Employees Retirement Association of Colorado acquired a new stake in Ardelyx during the 2nd quarter worth $182,000. XTX Topco Ltd purchased a new stake in shares of Ardelyx during the second quarter worth $446,000. Redwood Wealth Management Group LLC acquired a new stake in shares of Ardelyx in the second quarter valued at about $62,000. Finally, Ausdal Financial Partners Inc. lifted its stake in shares of Ardelyx by 89.1% in the second quarter. Ausdal Financial Partners Inc. now owns 28,770 shares of the biopharmaceutical company’s stock worth $213,000 after buying an additional 13,557 shares in the last quarter. Institutional investors and hedge funds 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.