Ardelyx (NASDAQ:ARDX) Earns “Buy” Rating from HC Wainwright

HC Wainwright restated their buy rating on shares of Ardelyx (NASDAQ:ARDX) in a research note issued to investors on Thursday morning, Benzinga reports. They currently have a $10.00 target price on the biopharmaceutical company’s stock.

ARDX has been the topic of a number of other reports. Piper Sandler cut shares of Ardelyx from an overweight rating to a neutral rating and dropped their target price for the company from $15.00 to $7.00 in a research note on Tuesday, July 2nd. StockNews.com cut shares of Ardelyx from a hold rating to a sell rating in a report on Friday, June 28th. Citigroup reduced their price objective on Ardelyx from $14.00 to $10.00 and set a buy rating for the company in a report on Wednesday, July 3rd. Cantor Fitzgerald restated an overweight rating on shares of Ardelyx in a research note on Thursday, June 20th. Finally, Wedbush reiterated an outperform rating and set a $11.00 price target on shares of Ardelyx in a research note on Thursday. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $10.69.

Ardelyx Stock Performance

Shares of Ardelyx stock opened at $5.51 on Thursday. The business’s fifty day simple moving average is $6.52 and its 200 day simple moving average is $7.58. The company has a current ratio of 4.53, a quick ratio of 4.36 and a debt-to-equity ratio of 0.66. Ardelyx has a 12 month low of $3.16 and a 12 month high of $10.13. The firm has a market capitalization of $1.28 billion, a P/E ratio of -19.68 and a beta of 0.83.

Ardelyx (NASDAQ:ARDX) last announced its earnings results on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. The firm had revenue of $46.00 million during the quarter, compared to analyst estimates of $36.40 million. Ardelyx had a negative return on equity of 41.65% and a negative net margin of 41.36%. The business’s revenue was up 303.5% compared to the same quarter last year. During the same period last year, the firm posted ($0.13) EPS. As a group, analysts anticipate that Ardelyx will post -0.34 EPS for the current year.

Insider Buying and Selling at Ardelyx

In other news, insider Robert Ora Felsch sold 207,988 shares of the stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $8.81, for a total value of $1,832,374.28. Following the sale, the insider now directly owns 95,947 shares of the company’s stock, valued at $845,293.07. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, insider Robert Ora Felsch sold 207,988 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $8.81, for a total value of $1,832,374.28. Following the transaction, the insider now owns 95,947 shares of the company’s stock, valued at $845,293.07. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Laura A. Williams sold 39,949 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $8.35, for a total value of $333,574.15. Following the completion of the sale, the insider now owns 370,189 shares in the company, valued at approximately $3,091,078.15. The disclosure for this sale can be found here. Insiders sold 534,119 shares of company stock valued at $4,109,050 in the last quarter. 5.50% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of ARDX. Nisa Investment Advisors LLC raised its stake in Ardelyx by 1,026.3% in the second quarter. Nisa Investment Advisors LLC now owns 3,548 shares of the biopharmaceutical company’s stock valued at $26,000 after purchasing an additional 3,233 shares in the last quarter. HighMark Wealth Management LLC purchased a new position in Ardelyx in the 1st quarter worth approximately $36,000. Newbridge Financial Services Group Inc. bought a new position in shares of Ardelyx in the 1st quarter worth $64,000. SJS Investment Consulting Inc. purchased a new stake in shares of Ardelyx during the 4th quarter valued at $62,000. Finally, Jump Financial LLC purchased a new stake in shares of Ardelyx during the 4th quarter valued at $63,000. 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.