Ardelyx (NASDAQ:ARDX) Given New $14.00 Price Target at Citigroup

Ardelyx (NASDAQ:ARDX) had its price target boosted by Citigroup from $13.00 to $14.00 in a research report released on Friday morning, Benzinga reports. Citigroup currently has a buy rating on the biopharmaceutical company’s stock.

Several other equities research analysts also recently issued reports on the stock. Wedbush raised their price objective on shares of Ardelyx from $14.00 to $15.00 and gave the stock an outperform rating in a research report on Friday. StockNews.com downgraded Ardelyx from a hold rating to a sell rating in a research note on Monday, February 26th. Cantor Fitzgerald reaffirmed an overweight rating on shares of Ardelyx in a report on Friday, January 12th. Piper Sandler lifted their target price on Ardelyx from $12.00 to $15.00 and gave the stock an overweight rating in a report on Friday, February 23rd. Finally, SVB Leerink began coverage on shares of Ardelyx in a research note on Friday, April 5th. They issued an outperform rating and a $14.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Ardelyx has an average rating of Moderate Buy and a consensus price target of $12.81.

Ardelyx Stock Up 28.4 %

Shares of ARDX stock traded up $1.93 during trading on Friday, reaching $8.72. 24,971,221 shares of the company’s stock were exchanged, compared to its average volume of 5,158,287. Ardelyx has a twelve month low of $3.16 and a twelve month high of $10.13. The firm’s fifty day moving average price is $7.67 and its 200-day moving average price is $6.79. The company has a quick ratio of 4.64, a current ratio of 4.88 and a debt-to-equity ratio of 0.30.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, May 2nd. The biopharmaceutical company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.02. The firm had revenue of $46.00 million for the quarter, compared to the consensus estimate of $36.40 million. Ardelyx had a negative net margin of 41.36% and a negative return on equity of 41.03%. The company’s quarterly revenue was up 303.5% on a year-over-year basis. During the same period in the previous year, the company earned ($0.13) earnings per share. As a group, research analysts predict that Ardelyx will post -0.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Ardelyx news, insider Elizabeth A. Grammer sold 86,000 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $7.73, for a total value of $664,780.00. Following the transaction, the insider now directly owns 312,993 shares of the company’s stock, valued at approximately $2,419,435.89. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Elizabeth A. Grammer sold 86,000 shares of Ardelyx stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $7.73, for a total value of $664,780.00. Following the transaction, the insider now owns 312,993 shares in the company, valued at approximately $2,419,435.89. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Michael Raab sold 22,917 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $8.75, for a total value of $200,523.75. Following the sale, the chief executive officer now owns 1,319,951 shares of the company’s stock, valued at $11,549,571.25. The disclosure for this sale can be found here. Insiders sold 178,820 shares of company stock valued at $1,400,524 over the last quarter. 5.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Ardelyx

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Ardelyx by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 11,565,800 shares of the biopharmaceutical company’s stock valued at $47,188,000 after purchasing an additional 97,951 shares during the last quarter. Eventide Asset Management LLC lifted its stake in shares of 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 during the last quarter. Rubric Capital Management LP boosted its holdings in shares of Ardelyx by 60.5% during the 4th quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company’s stock valued at $24,879,000 after acquiring an additional 1,512,753 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Ardelyx during the 3rd quarter worth $9,384,000. Finally, Barclays PLC grew its position in Ardelyx by 93.5% during the 3rd quarter. Barclays PLC now owns 1,895,327 shares of the biopharmaceutical company’s stock worth $7,732,000 after acquiring an additional 915,971 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.