Ardelyx, Inc. (NASDAQ:ARDX) Given Consensus Rating of “Moderate Buy” by Brokerages

Ardelyx, Inc. (NASDAQ:ARDX) has been given an average recommendation of “Moderate Buy” by the thirteen ratings firms that are covering the stock, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation, eight have issued a buy recommendation and two have issued a strong buy recommendation on the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $11.7273.

ARDX has been the topic of several research reports. Weiss Ratings reissued a “sell (d-)” rating on shares of Ardelyx in a research report on Wednesday, October 8th. TD Cowen increased their target price on Ardelyx from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, October 31st. Cowen reissued a “buy” rating on shares of Ardelyx in a research report on Friday, October 31st. Piper Sandler increased their price objective on shares of Ardelyx from $9.00 to $10.00 and gave the company a “neutral” rating in a research report on Tuesday, November 4th. Finally, Raymond James Financial reiterated a “strong-buy” rating on shares of Ardelyx in a research note on Tuesday, November 25th.

Insider Activity

In other Ardelyx news, insider Mike Kelliher sold 5,560 shares of the firm’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $5.54, for a total transaction of $30,802.40. Following the completion of the sale, the insider owned 271,181 shares in the company, valued at $1,502,342.74. This trade represents a 2.01% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Michael Raab sold 46,887 shares of Ardelyx stock in a transaction on Friday, November 21st. The stock was sold at an average price of $5.54, for a total transaction of $259,753.98. Following the completion of the sale, the chief executive officer owned 1,455,363 shares of the company’s stock, valued at approximately $8,062,711.02. This trade represents a 3.12% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 64,868 shares of company stock worth $359,369. 4.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ardelyx

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Ardelyx by 14.6% in the third quarter. Vanguard Group Inc. now owns 18,369,321 shares of the biopharmaceutical company’s stock worth $101,215,000 after purchasing an additional 2,337,672 shares in the last quarter. Marshall Wace LLP lifted its holdings in Ardelyx by 34.2% during the 2nd quarter. Marshall Wace LLP now owns 11,250,652 shares of the biopharmaceutical company’s stock worth $44,103,000 after buying an additional 2,866,843 shares during the last quarter. Millennium Management LLC lifted its holdings in Ardelyx by 118.2% during the 1st quarter. Millennium Management LLC now owns 6,465,262 shares of the biopharmaceutical company’s stock worth $31,744,000 after buying an additional 3,501,782 shares during the last quarter. Bank of America Corp DE grew its position in shares of Ardelyx by 88.8% in the 2nd quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company’s stock worth $21,670,000 after acquiring an additional 2,600,080 shares in the last quarter. Finally, Two Sigma Investments LP increased its holdings in shares of Ardelyx by 23.2% in the 3rd quarter. Two Sigma Investments LP now owns 2,490,848 shares of the biopharmaceutical company’s stock valued at $13,725,000 after acquiring an additional 469,385 shares during the last quarter. Institutional investors and hedge funds own 58.92% of the company’s stock.

Ardelyx Stock Performance

NASDAQ ARDX opened at $5.68 on Monday. The company has a debt-to-equity ratio of 1.31, a current ratio of 4.41 and a quick ratio of 4.11. Ardelyx has a 1-year low of $3.21 and a 1-year high of $6.78. The firm has a market capitalization of $1.38 billion, a P/E ratio of -24.69 and a beta of 0.55. The business’s 50-day simple moving average is $5.61 and its 200-day simple moving average is $5.25.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings results on Thursday, October 30th. The biopharmaceutical company reported $0.00 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.06. Ardelyx had a negative net margin of 14.20% and a negative return on equity of 36.91%. The firm had revenue of $110.33 million for the quarter, compared to analyst estimates of $100.44 million. The company’s revenue was up 14.6% compared to the same quarter last year. Equities analysts predict that Ardelyx will post -0.18 EPS for the current year.

About Ardelyx

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.