Citigroup Has Lowered Expectations for Ardelyx (NASDAQ:ARDX) Stock Price

Ardelyx (NASDAQ:ARDX) had its target price dropped by stock analysts at Citigroup from $11.00 to $10.00 in a report released on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s target price points to a potential upside of 142.13% from the company’s previous close.

Other analysts have also recently issued reports about the stock. HC Wainwright restated a “neutral” rating and set a $5.50 price target on shares of Ardelyx in a report on Friday, February 21st. Cantor Fitzgerald raised shares of Ardelyx to a “strong-buy” rating in a research note on Tuesday, March 4th. Piper Sandler raised Ardelyx to a “hold” rating in a research report on Wednesday, March 12th. Raymond James lowered Ardelyx from a “strong-buy” rating to an “outperform” rating and set a $11.00 target price on the stock. in a research report on Friday. Finally, LADENBURG THALM/SH SH reissued a “buy” rating and issued a $11.00 price target on shares of Ardelyx in a research note on Friday, March 7th. Three research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $10.39.

Ardelyx Stock Performance

Shares of NASDAQ ARDX opened at $4.13 on Friday. Ardelyx has a 1 year low of $4.02 and a 1 year high of $9.33. The firm has a market cap of $984.41 million, a P/E ratio of -25.81 and a beta of 0.76. The stock has a fifty day moving average price of $5.00 and a two-hundred day moving average price of $5.25. The company has a debt-to-equity ratio of 0.87, a quick ratio of 4.31 and a current ratio of 4.58.

Ardelyx (NASDAQ:ARDX) last released its quarterly earnings data on Thursday, May 1st. The biopharmaceutical company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.07). The company had revenue of $74.11 million for the quarter, compared to the consensus estimate of $79.40 million. Ardelyx had a negative return on equity of 24.87% and a negative net margin of 11.73%. The business’s revenue was up 61.1% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.11) earnings per share. Research analysts forecast that Ardelyx will post -0.18 EPS for the current fiscal year.

Insider Activity at Ardelyx

In other Ardelyx news, insider Laura A. Williams sold 4,941 shares of the stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $5.62, for a total transaction of $27,768.42. Following the transaction, the insider now owns 303,804 shares in the company, valued at $1,707,378.48. This trade represents a 1.60 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Justin A. Renz sold 5,171 shares of Ardelyx stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $5.62, for a total transaction of $29,061.02. Following the completion of the sale, the chief financial officer now owns 285,968 shares of the company’s stock, valued at $1,607,140.16. This trade represents a 1.78 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 116,410 shares of company stock valued at $600,475. Corporate insiders own 5.90% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ARDX. Barclays PLC lifted its holdings in shares of Ardelyx by 24.9% in the third quarter. Barclays PLC now owns 547,325 shares of the biopharmaceutical company’s stock worth $3,770,000 after acquiring an additional 109,285 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its stake in shares of Ardelyx by 3.4% during the third quarter. B. Riley Wealth Advisors Inc. now owns 90,000 shares of the biopharmaceutical company’s stock worth $599,000 after buying an additional 3,000 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in shares of Ardelyx by 1.6% during the third quarter. JPMorgan Chase & Co. now owns 387,144 shares of the biopharmaceutical company’s stock worth $2,667,000 after buying an additional 6,093 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Ardelyx by 25.5% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 808,392 shares of the biopharmaceutical company’s stock valued at $4,099,000 after acquiring an additional 164,480 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Ardelyx by 41.8% during the 4th quarter. SG Americas Securities LLC now owns 54,886 shares of the biopharmaceutical company’s stock worth $278,000 after acquiring an additional 16,182 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.