Ardelyx (NASDAQ:ARDX) Stock Price Expected to Rise, Piper Sandler Analyst Says

Ardelyx (NASDAQ:ARDX) had its target price increased by Piper Sandler from $7.00 to $8.00 in a report released on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the biopharmaceutical company’s stock. Piper Sandler’s target price points to a potential upside of 41.22% from the company’s previous close.

Other analysts have also recently issued research reports about the stock. HC Wainwright reaffirmed a “neutral” rating and set a $5.50 target price on shares of Ardelyx in a research note on Thursday, January 16th. Jefferies Financial Group reduced their target price on Ardelyx from $11.00 to $8.00 and set a “buy” rating on the stock in a report on Thursday, January 2nd. Finally, Citigroup decreased their price objective on shares of Ardelyx from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $9.42.

Ardelyx Price Performance

Shares of NASDAQ ARDX traded up $0.15 during trading hours on Monday, hitting $5.67. 624,410 shares of the stock were exchanged, compared to its average volume of 5,126,943. The company has a market cap of $1.34 billion, a PE ratio of -18.98 and a beta of 0.85. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.87 and a current ratio of 4.03. Ardelyx has a 1-year low of $4.32 and a 1-year high of $10.13. The company’s fifty day simple moving average is $5.19 and its two-hundred day simple moving average is $5.65.

Insider Buying and Selling at Ardelyx

In other Ardelyx news, insider Laura A. Williams sold 7,366 shares of the stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $4.79, for a total transaction of $35,283.14. Following the completion of the transaction, the insider now directly owns 308,745 shares of the company’s stock, valued at approximately $1,478,888.55. This represents a 2.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director David M. Mott bought 213,300 shares of the stock in a transaction on Thursday, December 19th. The stock was purchased at an average price of $4.67 per share, for a total transaction of $996,111.00. Following the completion of the purchase, the director now owns 1,638,765 shares of the company’s stock, valued at approximately $7,653,032.55. This trade represents a 14.96 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 193,358 shares of company stock worth $1,041,766. Insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. lifted its position in Ardelyx by 3.4% during the third quarter. B. Riley Wealth Advisors Inc. now owns 90,000 shares of the biopharmaceutical company’s stock valued at $599,000 after purchasing an additional 3,000 shares during the last quarter. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Ardelyx by 10.9% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 50,222 shares of the biopharmaceutical company’s stock worth $255,000 after acquiring an additional 4,942 shares during the last quarter. Aigen Investment Management LP grew its position in Ardelyx by 29.4% in the third quarter. Aigen Investment Management LP now owns 23,510 shares of the biopharmaceutical company’s stock worth $162,000 after acquiring an additional 5,346 shares in the last quarter. Values First Advisors Inc. grew its position in Ardelyx by 14.6% in the third quarter. Values First Advisors Inc. now owns 46,282 shares of the biopharmaceutical company’s stock worth $319,000 after acquiring an additional 5,890 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Ardelyx by 1.6% in the third quarter. JPMorgan Chase & Co. now owns 387,144 shares of the biopharmaceutical company’s stock valued at $2,667,000 after acquiring an additional 6,093 shares during the last quarter. 58.92% of the stock is owned by institutional investors.

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.