Ardelyx, Inc. (NASDAQ:ARDX) Receives $6.70 Average Target Price from Brokerages

Posted by on Aug 28th, 2023

Shares of Ardelyx, Inc. (NASDAQ:ARDX – Get Free Report) have been given an average rating of “Buy” by the five brokerages that are presently covering the company, MarketBeat.com reports. Five analysts have rated the stock with a buy recommendation. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $8.10.

Several analysts have recently commented on the company. LADENBURG THALM/SH SH raised their target price on Ardelyx from $7.50 to $8.50 and gave the company a “buy” rating in a research note on Thursday, August 3rd. StockNews.com assumed coverage on shares of Ardelyx in a report on Friday, August 18th. They set a “hold” rating on the stock. Finally, Cantor Fitzgerald upgraded shares of Ardelyx from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.00 to $10.00 in a research report on Friday.

View Our Latest Report on Ardelyx

Insiders Place Their Bets

In other Ardelyx news, CEO Michael Raab sold 11,419 shares of the firm’s stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $3.55, for a total transaction of $40,537.45. Following the sale, the chief executive officer now owns 876,236 shares in the company, valued at approximately $3,110,637.80. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Michael Raab sold 11,419 shares of Ardelyx stock in a transaction that occurred on Monday, August 21st. The shares were sold at an average price of $3.55, for a total transaction of $40,537.45. Following the sale, the chief executive officer now owns 876,236 shares in the company, valued at $3,110,637.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Laura A. Williams sold 25,000 shares of the business’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $3.35, for a total transaction of $83,750.00. Following the completion of the sale, the insider now owns 294,430 shares in the company, valued at approximately $986,340.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 82,102 shares of company stock worth $289,129. Company insiders own 5.50% of the company’s stock.

Institutional Trading of Ardelyx

A number of hedge funds have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC lifted its stake in Ardelyx by 13.7% in the first quarter. Commonwealth Equity Services LLC now owns 24,401 shares of the biopharmaceutical company’s stock worth $116,000 after acquiring an additional 2,939 shares during the period. Victory Capital Management Inc. raised its holdings in Ardelyx by 1.1% in the fourth quarter. Victory Capital Management Inc. now owns 315,254 shares of the biopharmaceutical company’s stock worth $898,000 after purchasing an additional 3,569 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in shares of Ardelyx by 7.6% during the second quarter. Teacher Retirement System of Texas now owns 55,905 shares of the biopharmaceutical company’s stock valued at $190,000 after acquiring an additional 3,931 shares in the last quarter. FMR LLC increased its holdings in shares of Ardelyx by 235.9% during the first quarter. FMR LLC now owns 5,733 shares of the biopharmaceutical company’s stock valued at $27,000 after acquiring an additional 4,026 shares in the last quarter. Finally, Valeo Financial Advisors LLC increased its holdings in shares of Ardelyx by 18.4% during the first quarter. Valeo Financial Advisors LLC now owns 34,450 shares of the biopharmaceutical company’s stock valued at $165,000 after acquiring an additional 5,350 shares in the last quarter. 52.87% of the stock is owned by hedge funds and other institutional investors.

Ardelyx Trading Up 12.3 %

Shares of NASDAQ ARDX opened at $3.94 on Friday. The firm has a market cap of $858.37 million, a P/E ratio of -13.59 and a beta of 1.18. Ardelyx has a 1-year low of $0.82 and a 1-year high of $5.13. The business’s 50 day moving average is $3.62 and its 200-day moving average is $3.83.

Ardelyx (NASDAQ:ARDX – Get Free Report) last announced its quarterly earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.12) by $0.04. The company had revenue of $22.33 million during the quarter, compared to analysts’ expectations of $15.88 million. Ardelyx had a negative return on equity of 54.22% and a negative net margin of 67.69%. Analysts forecast that Ardelyx will post -0.4 EPS for the current year.

About Ardelyx

(Get Free Report

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.

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Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

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