Citigroup Has Lowered Expectations for Ardelyx (NASDAQ:ARDX) Stock Price

Ardelyx (NASDAQ:ARDX) had its price objective dropped by analysts at Citigroup from $12.00 to $10.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price target indicates a potential upside of 69.78% from the company’s previous close.

Other research analysts also recently issued reports about the company. HC Wainwright reiterated a “buy” rating and issued a $11.00 price target on shares of Ardelyx in a report on Friday. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Wednesday, July 31st. Finally, Wedbush reiterated an “outperform” rating and issued a $11.00 price target on shares of Ardelyx in a report on Friday, August 2nd. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.33.

Ardelyx Trading Down 3.3 %

ARDX traded down $0.20 during trading on Monday, hitting $5.89. 1,926,619 shares of the stock were exchanged, compared to its average volume of 4,844,388. The firm has a 50 day simple moving average of $6.07 and a 200 day simple moving average of $6.32. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -19.27 and a beta of 0.92. Ardelyx has a 1 year low of $3.43 and a 1 year high of $10.13. The company has a debt-to-equity ratio of 0.68, a quick ratio of 3.99 and a current ratio of 4.21.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.11) by $0.04. The company had revenue of $73.20 million for the quarter, compared to the consensus estimate of $55.03 million. Ardelyx had a negative return on equity of 46.86% and a negative net margin of 28.82%. Ardelyx’s quarterly revenue was up 228.3% on a year-over-year basis. During the same period last year, the business posted ($0.08) EPS. As a group, equities analysts expect that Ardelyx will post -0.25 EPS for the current year.

Insider Transactions at Ardelyx

In other Ardelyx news, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $6.92, for a total transaction of $342,982.88. Following the completion of the sale, the insider now owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Ardelyx news, insider David P. Rosenbaum sold 49,564 shares of Ardelyx stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $6.92, for a total transaction of $342,982.88. Following the completion of the sale, the insider now owns 301,946 shares of the company’s stock, valued at approximately $2,089,466.32. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Michael Raab sold 35,000 shares of Ardelyx stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $5.61, for a total value of $196,350.00. Following the transaction, the chief executive officer now owns 1,220,608 shares of the company’s stock, valued at $6,847,610.88. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 212,126 shares of company stock valued at $1,298,963 in the last quarter. 5.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Ardelyx

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its stake in shares of Ardelyx by 2.8% during the 1st quarter. Vanguard Group Inc. now owns 13,391,855 shares of the biopharmaceutical company’s stock valued at $97,761,000 after buying an additional 365,809 shares during the last quarter. Clay Northam Wealth Management LLC increased its stake in shares of Ardelyx by 154.7% in the 2nd quarter. Clay Northam Wealth Management LLC now owns 232,377 shares of the biopharmaceutical company’s stock valued at $1,722,000 after purchasing an additional 141,145 shares in the last quarter. Russell Investments Group Ltd. increased its stake in shares of Ardelyx by 100.7% in the 1st quarter. Russell Investments Group Ltd. now owns 536,297 shares of the biopharmaceutical company’s stock valued at $3,915,000 after purchasing an additional 269,046 shares in the last quarter. ProShare Advisors LLC increased its stake in shares of Ardelyx by 8.9% in the 1st quarter. ProShare Advisors LLC now owns 57,729 shares of the biopharmaceutical company’s stock valued at $421,000 after purchasing an additional 4,735 shares in the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Ardelyx by 283.2% in the 2nd quarter. SG Americas Securities LLC now owns 91,672 shares of the biopharmaceutical company’s stock valued at $679,000 after purchasing an additional 67,750 shares in the last quarter. Hedge funds and other institutional investors 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.