Ardelyx, Inc. (NASDAQ:ARDX) Receives Average Recommendation of “Moderate Buy” from Brokerages

Ardelyx, Inc. (NASDAQ:ARDXGet Rating) has been assigned an average rating of “Moderate Buy” from the six analysts that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among brokers that have issued a report on the stock in the last year is $5.75.

A number of brokerages have recently weighed in on ARDX. StockNews.com upgraded Ardelyx from a “sell” rating to a “hold” rating in a research report on Sunday. Cantor Fitzgerald lifted their price objective on Ardelyx from $1.60 to $3.00 in a research report on Thursday, December 29th. Piper Sandler upgraded Ardelyx from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $3.00 to $8.00 in a research report on Thursday, November 17th. Finally, Citigroup lifted their price target on Ardelyx from $6.00 to $7.00 and gave the company a “buy” rating in a research report on Friday, December 30th.

Institutional Investors Weigh In On Ardelyx

Hedge funds have recently made changes to their positions in the company. Raymond James Financial Services Advisors Inc. boosted its position in shares of Ardelyx by 45.2% during the third quarter. Raymond James Financial Services Advisors Inc. now owns 22,500 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 7,000 shares in the last quarter. Tower Research Capital LLC TRC bought a new stake in shares of Ardelyx during the third quarter valued at approximately $54,000. Mirabella Financial Services LLP purchased a new position in Ardelyx during the first quarter valued at $51,000. Sargent Investment Group LLC bought a new stake in Ardelyx in the third quarter worth $94,000. Finally, Virtu Financial LLC purchased a new stake in shares of Ardelyx in the third quarter worth $84,000. 40.44% of the stock is currently owned by institutional investors.

Ardelyx Stock Performance

Shares of ARDX stock opened at $3.18 on Tuesday. The firm has a market cap of $596.12 million, a P/E ratio of -3.74 and a beta of 1.18. Ardelyx has a fifty-two week low of $0.49 and a fifty-two week high of $3.43. The business’s 50 day moving average price is $2.28 and its 200-day moving average price is $1.53.

Ardelyx (NASDAQ:ARDXGet Rating) last issued its quarterly earnings data on Thursday, November 3rd. The biopharmaceutical company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.03. The firm had revenue of $4.99 million for the quarter, compared to analyst estimates of $2.67 million. Ardelyx had a negative return on equity of 171.18% and a negative net margin of 1,266.91%. As a group, equities analysts predict that Ardelyx will post -0.52 EPS for the current year.

Ardelyx Company Profile

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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, which has completed Phase III clinical trial for the treatment of patients with irritable bowel syndrome with constipation, as well as in Phase III clinical trial to control serum phosphorus in adult patients with chronic kidney disease (CKD)on dialysis, or hyperphosphatemia.

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Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

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