Ardelyx, Inc. (NASDAQ:ARDX) Receives Average Recommendation of “Buy” from Analysts

Ardelyx, Inc. (NASDAQ:ARDX) has been given an average rating of “Buy” by the twelve brokerages that are presently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, nine have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $14.3636.

Several equities research analysts have issued reports on ARDX shares. Citigroup raised their target price on Ardelyx from $11.00 to $14.00 and gave the stock a “buy” rating in a research note on Friday, January 9th. BTIG Research reiterated a “buy” rating and set a $17.00 price target on shares of Ardelyx in a report on Thursday, January 29th. Jefferies Financial Group restated a “buy” rating and issued a $15.00 price objective on shares of Ardelyx in a report on Tuesday, January 27th. Wedbush upped their target price on shares of Ardelyx from $16.00 to $19.00 and gave the company an “outperform” rating in a research report on Wednesday, January 21st. Finally, Piper Sandler upgraded shares of Ardelyx from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $10.00 to $16.00 in a research report on Thursday, January 8th.

Ardelyx Stock Down 2.0%

NASDAQ ARDX opened at $6.87 on Tuesday. The company has a quick ratio of 4.11, a current ratio of 4.41 and a debt-to-equity ratio of 1.31. Ardelyx has a 52 week low of $3.21 and a 52 week high of $8.40. The business’s fifty day simple moving average is $6.71 and its 200-day simple moving average is $6.04. The firm has a market cap of $1.67 billion, a PE ratio of -29.87 and a beta of 0.57.

Insider Transactions at Ardelyx

In other news, insider Elizabeth A. Grammer sold 5,995 shares of the firm’s stock in a transaction on Friday, November 21st. The stock was sold at an average price of $5.54, for a total transaction of $33,212.30. Following the completion of the transaction, the insider directly owned 299,895 shares in the company, valued at $1,661,418.30. This trade represents a 1.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Mike Kelliher sold 5,560 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $5.54, for a total value of $30,802.40. Following the transaction, the insider directly owned 271,181 shares in the company, valued at approximately $1,502,342.74. The trade was a 2.01% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 114,868 shares of company stock worth $708,369 in the last ninety days. 4.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Ardelyx

Large investors have recently bought and sold shares of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Ardelyx by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 159,061 shares of the biopharmaceutical company’s stock worth $781,000 after acquiring an additional 4,436 shares during the period. Goldman Sachs Group Inc. raised its holdings in Ardelyx by 10.3% during the first quarter. Goldman Sachs Group Inc. now owns 2,378,738 shares of the biopharmaceutical company’s stock worth $11,680,000 after purchasing an additional 221,486 shares in the last quarter. Focus Partners Wealth acquired a new stake in Ardelyx in the first quarter valued at about $72,000. Strs Ohio purchased a new stake in Ardelyx in the 1st quarter valued at approximately $135,000. Finally, Aberdeen Group plc increased its position in Ardelyx by 30.6% during the 2nd quarter. Aberdeen Group plc now owns 1,112,476 shares of the biopharmaceutical company’s stock worth $4,361,000 after purchasing an additional 260,757 shares during the period. Hedge funds and other institutional investors own 58.92% of the company’s stock.

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.