BTIG Research Lowers Ardelyx (NASDAQ:ARDX) Price Target to $14.00

Ardelyx (NASDAQ:ARDX) had its price objective lowered by BTIG Research from $17.00 to $14.00 in a research report issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. BTIG Research’s price target would indicate a potential upside of 236.38% from the company’s previous close.

ARDX has been the subject of several other reports. HC Wainwright restated a “buy” rating and issued a $13.00 target price on shares of Ardelyx in a research note on Friday. Weiss Ratings lowered shares of Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. Zacks Research cut shares of Ardelyx from a “hold” rating to a “strong sell” rating in a research report on Wednesday, July 22nd. Finally, LADENBURG THALM/SH SH initiated coverage on Ardelyx in a research note on Tuesday, June 16th. They set a “buy” rating and a $16.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Ardelyx has an average rating of “Moderate Buy” and an average price target of $15.30.

Ardelyx Stock Performance

Ardelyx stock opened at $4.16 on Friday. The firm has a market capitalization of $1.03 billion, a PE ratio of -18.08 and a beta of 0.70. Ardelyx has a one year low of $3.90 and a one year high of $8.40. The stock’s 50 day moving average price is $5.41 and its 200 day moving average price is $6.09. The company has a debt-to-equity ratio of 1.37, a quick ratio of 3.28 and a current ratio of 3.49.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $120.88 million during the quarter, compared to analyst estimates of $121.03 million. Ardelyx had a negative net margin of 13.58% and a negative return on equity of 38.11%. The firm’s revenue was up 34.3% compared to the same quarter last year. During the same period last year, the business earned ($0.08) EPS. As a group, sell-side analysts expect that Ardelyx will post -0.08 EPS for the current fiscal year.

Insider Activity

In related news, insider Mike Kelliher sold 7,248 shares of Ardelyx stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $6.27, for a total value of $45,444.96. Following the completion of the transaction, the insider directly owned 357,418 shares in the company, valued at approximately $2,241,010.86. This trade represents a 1.99% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Eric Duane Foster sold 7,998 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $6.27, for a total transaction of $50,147.46. Following the sale, the insider directly owned 417,972 shares in the company, valued at $2,620,684.44. This trade represents a 1.88% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 24,572 shares of company stock worth $154,066 in the last ninety days. Corporate insiders own 5.30% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

A number of large investors have recently bought and sold shares of ARDX. Mercer Global Advisors Inc. ADV grew its holdings in Ardelyx by 4.7% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 38,512 shares of the biopharmaceutical company’s stock worth $225,000 after acquiring an additional 1,722 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Ardelyx by 26.7% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 11,807 shares of the biopharmaceutical company’s stock valued at $69,000 after purchasing an additional 2,491 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH grew its stake in shares of Ardelyx by 0.7% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 347,609 shares of the biopharmaceutical company’s stock worth $2,027,000 after purchasing an additional 2,532 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Ardelyx by 5.3% in the 4th quarter. Cerity Partners LLC now owns 59,359 shares of the biopharmaceutical company’s stock worth $346,000 after purchasing an additional 2,972 shares in the last quarter. Finally, Integrated Wealth Concepts LLC lifted its stake in Ardelyx by 24.2% during the third quarter. Integrated Wealth Concepts LLC now owns 15,263 shares of the biopharmaceutical company’s stock valued at $84,000 after purchasing an additional 2,975 shares during the last quarter. Institutional investors own 58.92% of the company’s stock.

About Ardelyx

Ardelyx, Inc (NASDAQ: ARDX) is a clinical‐stage biopharmaceutical company focused on discovering, developing and commercializing targeted small molecule drugs for cardio‐renal and gastrointestinal diseases. The company’s lead marketed product, tenapanor (sold under the brand name XPHOZAH in the United States), is approved for the treatment of hyperphosphatemia in patients with chronic kidney disease on dialysis. Ardelyx’s proprietary approach targets epithelial transporters in the gastrointestinal tract, offering localized activity with limited systemic exposure.

Beyond tenapanor, Ardelyx’s development pipeline includes treatments designed to address other complications in kidney disease and related metabolic disorders.