Citigroup Issues Positive Forecast for Ardelyx (NASDAQ:ARDX) Stock Price

Ardelyx (NASDAQ:ARDX) had its price objective raised by Citigroup from $10.00 to $11.00 in a report issued on Monday morning,Benzinga reports. Citigroup currently has a buy rating on the biopharmaceutical company’s stock.

ARDX has been the topic of a number of other reports. Raymond James Financial began coverage on shares of Ardelyx in a research note on Wednesday, September 3rd. They issued a “strong-buy” rating and a $14.00 price objective on the stock. Cowen reissued a “buy” rating on shares of Ardelyx in a research note on Friday. Weiss Ratings reissued a “sell (d-)” rating on shares of Ardelyx in a research note on Wednesday, October 8th. Piper Sandler increased their price objective on shares of Ardelyx from $8.00 to $9.00 and gave the company a “neutral” rating in a research note on Wednesday, August 6th. Finally, Wedbush reissued an “outperform” rating and issued a $14.00 price objective (up from $13.00) on shares of Ardelyx in a research note on Tuesday, August 5th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $11.64.

Ardelyx Stock Performance

Shares of ARDX opened at $5.92 on Monday. The company has a 50-day simple moving average of $5.76 and a 200-day simple moving average of $4.87. The company has a quick ratio of 4.03, a current ratio of 4.30 and a debt-to-equity ratio of 1.44. The company has a market capitalization of $1.43 billion, a PE ratio of -25.74 and a beta of 0.67. Ardelyx has a 52-week low of $3.21 and a 52-week high of $6.78.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, October 30th. The biopharmaceutical company reported $0.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.06. The business had revenue of $110.33 million during the quarter, compared to the consensus estimate of $100.44 million. Ardelyx had a negative net margin of 14.60% and a negative return on equity of 36.57%. The business’s quarterly revenue was up 14.6% compared to the same quarter last year. Equities research analysts predict that Ardelyx will post -0.18 earnings per share for the current fiscal year.

Insider Activity at Ardelyx

In other Ardelyx news, CEO Michael Raab sold 45,687 shares of the firm’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $5.93, for a total transaction of $270,923.91. Following the sale, the chief executive officer directly owned 1,502,250 shares of the company’s stock, valued at $8,908,342.50. This trade represents a 2.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Laura A. Williams sold 80,000 shares of the firm’s stock in a transaction dated Tuesday, August 26th. The stock was sold at an average price of $6.12, for a total transaction of $489,600.00. Following the sale, the insider directly owned 366,322 shares in the company, valued at $2,241,890.64. This represents a 17.92% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 165,551 shares of company stock worth $996,917 over the last three months. Company insiders own 4.80% of the company’s stock.

Institutional Investors Weigh In On Ardelyx

Hedge funds have recently modified their holdings of the company. DCF Advisers LLC acquired a new stake in shares of Ardelyx in the second quarter worth approximately $39,000. Brighton Jones LLC purchased a new stake in shares of Ardelyx during the second quarter valued at approximately $40,000. Focus Partners Advisor Solutions LLC purchased a new stake in shares of Ardelyx during the first quarter valued at approximately $56,000. State of Wyoming purchased a new stake in shares of Ardelyx during the second quarter valued at approximately $61,000. Finally, Vontobel Holding Ltd. acquired a new stake in shares of Ardelyx during the third quarter worth approximately $63,000. 58.92% of the stock is owned by institutional investors and hedge funds.

About Ardelyx

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.