Ardelyx (NASDAQ:ARDX) Given New $12.00 Price Target at Citigroup

Ardelyx (NASDAQ:ARDX) had its price objective boosted by Citigroup from $10.00 to $12.00 in a research report sent to investors on Friday, Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Other equities research analysts have also issued research reports about the company. Piper Sandler lowered Ardelyx from an overweight rating to a neutral rating and dropped their price target for the stock from $15.00 to $7.00 in a research note on Tuesday, July 2nd. SVB Leerink assumed coverage on Ardelyx in a research note on Friday, April 5th. They set an outperform rating and a $14.00 price target for the company. StockNews.com raised Ardelyx from a sell rating to a hold rating in a research note on Wednesday, July 31st. Wedbush reaffirmed an outperform rating and set a $11.00 price target on shares of Ardelyx in a research note on Friday. Finally, Leerink Partnrs reaffirmed an outperform rating on shares of Ardelyx in a research note on Friday, April 5th. Two analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Ardelyx presently has a consensus rating of Moderate Buy and a consensus target price of $11.43.

Ardelyx Price Performance

Ardelyx stock opened at $5.83 on Friday. Ardelyx has a 52 week low of $3.16 and a 52 week high of $10.13. The business has a 50-day simple moving average of $6.11 and a 200 day simple moving average of $7.40. The company has a quick ratio of 4.36, a current ratio of 4.53 and a debt-to-equity ratio of 0.66. The stock has a market cap of $1.36 billion, a price-to-earnings ratio of -20.82 and a beta of 0.83.

Ardelyx (NASDAQ:ARDX) last posted its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts’ expectations of $55.03 million. During the same period in the previous year, the business earned ($0.08) earnings per share. The firm’s revenue was up 228.3% on a year-over-year basis. On average, research analysts forecast that Ardelyx will post -0.34 earnings per share for the current fiscal year.

Insider Activity

In other Ardelyx news, CEO Michael Raab sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $5.64, for a total transaction of $169,200.00. Following the completion of the transaction, the chief executive officer now owns 1,260,463 shares of the company’s stock, valued at approximately $7,109,011.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Ardelyx news, insider Laura A. Williams sold 145,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $7.12, for a total transaction of $1,032,400.00. Following the transaction, the insider now owns 322,152 shares in the company, valued at approximately $2,293,722.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Michael Raab sold 30,000 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $5.64, for a total value of $169,200.00. Following the completion of the sale, the chief executive officer now owns 1,260,463 shares in the company, valued at approximately $7,109,011.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 286,182 shares of company stock valued at $1,920,302. Insiders own 5.50% of the company’s stock.

Institutional Trading of Ardelyx

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Eventide Asset Management LLC lifted its position in Ardelyx by 152.5% in the 4th quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company’s stock valued at $42,194,000 after acquiring an additional 4,110,494 shares in the last quarter. Redmile Group LLC bought a new position in Ardelyx in the 1st quarter worth $16,020,000. Price T Rowe Associates Inc. MD raised its holdings in Ardelyx by 68.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company’s stock worth $28,572,000 after purchasing an additional 1,584,597 shares during the period. Rubric Capital Management LP raised its holdings in Ardelyx by 60.5% in the 4th quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock worth $24,879,000 after purchasing an additional 1,512,753 shares during the period. Finally, abrdn plc bought a new position in Ardelyx in the 4th quarter worth $5,168,000. Hedge funds and other 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.