Research analysts at HC Wainwright initiated coverage on shares of Ardelyx (NASDAQ:ARDX – Get Free Report) in a research report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $9.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price objective points to a potential upside of 96.08% from the company’s previous close.
A number of other research analysts have also recently weighed in on ARDX. LADENBURG THALM/SH SH lifted their target price on Ardelyx from $7.50 to $8.50 and gave the company a “buy” rating in a report on Thursday, August 3rd. StockNews.com assumed coverage on Ardelyx in a research report on Friday, August 18th. They set a “hold” rating on the stock. Finally, Cantor Fitzgerald raised Ardelyx from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $5.00 to $10.00 in a report on Friday, August 25th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Ardelyx has a consensus rating of “Moderate Buy” and a consensus target price of $8.25.
Ardelyx Price Performance
Ardelyx (NASDAQ:ARDX – Get Free Report) last posted its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($0.08) earnings per share for the quarter, topping 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%. Equities research analysts anticipate that Ardelyx will post -0.4 earnings per share for the current fiscal year.
Insider Buying and Selling
In related news, insider Robert Blanks sold 33,333 shares of the business’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $3.63, for a total transaction of $120,998.79. Following the sale, the insider now owns 266,134 shares of the company’s stock, valued at $966,066.42. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Ardelyx news, insider Laura A. Williams sold 25,000 shares of the company’s stock in a transaction on Tuesday, June 27th. The stock was sold at an average price of $3.35, for a total value of $83,750.00. Following the transaction, the insider now owns 294,430 shares of the company’s stock, valued at $986,340.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Robert Blanks sold 33,333 shares of the company’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $3.63, for a total value of $120,998.79. Following the completion of the transaction, the insider now directly owns 266,134 shares in the company, valued at approximately $966,066.42. The disclosure for this sale can be found here. Insiders have sold a total of 82,102 shares of company stock valued at $289,129 over the last quarter. Corporate insiders own 5.50% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of ARDX. FMR LLC raised its stake in Ardelyx by 235.9% during the 1st quarter. FMR LLC now owns 5,733 shares of the biopharmaceutical company’s stock valued at $27,000 after purchasing an additional 4,026 shares during the period. Ameritas Advisory Services LLC purchased a new position in shares of Ardelyx during the 4th quarter valued at $34,000. HighTower Advisors LLC purchased a new position in shares of Ardelyx during the 4th quarter valued at $35,000. IFP Advisors Inc purchased a new position in shares of Ardelyx during the 4th quarter valued at $40,000. Finally, Metropolitan Life Insurance Co NY purchased a new position in shares of Ardelyx during the 2nd quarter valued at $40,000. Institutional investors own 58.19% of the company’s stock.
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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