Ardelyx, Inc. (ARDX) Receives Consensus Recommendation of “Buy” from Brokerages
Shares of Ardelyx, Inc. (NASDAQ:ARDX) have earned an average recommendation of “Buy” from the seven brokerages that are presently covering the stock, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation and six have issued a buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $14.13.
Several brokerages recently issued reports on ARDX. BTIG Research cut their price objective on Ardelyx from $18.00 to $12.00 and set a “buy” rating for the company in a report on Tuesday, May 23rd. ValuEngine cut shares of Ardelyx from a “sell” rating to a “strong sell” rating in a research note on Friday, June 2nd. Cantor Fitzgerald reaffirmed a “buy” rating and set a $12.00 price objective on shares of Ardelyx in a research note on Wednesday, May 31st. Zacks Investment Research raised shares of Ardelyx from a “hold” rating to a “buy” rating and set a $6.75 price objective for the company in a research note on Tuesday, May 23rd. Finally, Citigroup Inc. reaffirmed a “buy” rating and set a $12.00 price objective (down previously from $17.00) on shares of Ardelyx in a research note on Monday, May 15th.
A number of institutional investors have recently added to or reduced their stakes in the company. KCG Holdings Inc. bought a new position in Ardelyx during the first quarter worth approximately $127,000. Bank of America Corp DE boosted its position in Ardelyx by 52.6% in the first quarter. Bank of America Corp DE now owns 10,612 shares of the biopharmaceutical company’s stock worth $134,000 after buying an additional 3,659 shares in the last quarter. Alliancebernstein L.P. boosted its position in Ardelyx by 7.9% in the first quarter. Alliancebernstein L.P. now owns 13,700 shares of the biopharmaceutical company’s stock worth $173,000 after buying an additional 1,000 shares in the last quarter. American International Group Inc. boosted its position in Ardelyx by 43.8% in the first quarter. American International Group Inc. now owns 18,926 shares of the biopharmaceutical company’s stock worth $239,000 after buying an additional 5,765 shares in the last quarter. Finally, Russell Investments Group Ltd. bought a new position in Ardelyx during the fourth quarter worth approximately $258,000. 83.61% of the stock is owned by institutional investors and hedge funds.
Shares of Ardelyx (NASDAQ ARDX) opened at 4.35 on Monday. The stock’s market cap is $206.13 million. The firm’s 50-day moving average price is $7.47 and its 200-day moving average price is $11.88. Ardelyx has a 52-week low of $4.05 and a 52-week high of $16.30.
Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings data on Friday, May 5th. The biopharmaceutical company reported ($0.59) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.65) by $0.06. On average, equities research analysts forecast that Ardelyx will post ($2.46) earnings per share for the current fiscal year.
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Ardelyx Company Profile
Ardelyx, Inc is a clinical-stage biopharmaceutical company. The Company’s therapeutics focuses on addressing cardiorenal and gastrointestinal (GI) diseases. It operates through the research, development and commercialization of biopharmaceutical products segment. The Company’s products line includes cardiorenal portfolio and gastrointestinal portfolio.
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