Ardelyx (NASDAQ:ARDX) Reaches New 52-Week High – Time to Buy?

Ardelyx, Inc. (NASDAQ:ARDX) hit a new 52-week high on Friday . The stock traded as high as $7.10 and last traded at $7.00, with a volume of 15572522 shares changing hands. The stock had previously closed at $5.83.

Wall Street Analysts Forecast Growth

ARDX has been the subject of a number of research analyst reports. TD Cowen boosted their target price on Ardelyx from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Friday, October 31st. Wedbush cut Ardelyx from an “outperform” rating to a “hold” rating in a research note on Tuesday, November 25th. Raymond James Financial reaffirmed a “strong-buy” rating and set a $19.00 target price on shares of Ardelyx in a research report on Thursday. Cowen reiterated a “buy” rating on shares of Ardelyx in a report on Friday, October 31st. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ardelyx in a research note on Wednesday, October 8th. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $13.20.

Ardelyx Trading Up 20.1%

The company has a quick ratio of 4.11, a current ratio of 4.41 and a debt-to-equity ratio of 1.31. The firm has a 50 day moving average price of $5.85 and a 200 day moving average price of $5.45. The stock has a market capitalization of $1.70 billion, a PE ratio of -30.43 and a beta of 0.56.

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, topping the consensus estimate of ($0.06) by $0.06. Ardelyx had a negative return on equity of 36.91% and a negative net margin of 14.20%.The business had revenue of $110.33 million during the quarter, compared to the consensus estimate of $100.44 million. The business’s revenue for the quarter was up 14.6% compared to the same quarter last year. Equities analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity

In other news, insider Elizabeth A. Grammer sold 5,995 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $5.54, for a total value of $33,212.30. Following the completion of the sale, the insider owned 299,895 shares in the company, valued at $1,661,418.30. This represents a 1.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Laura A. Williams sold 6,426 shares of the company’s stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $5.54, for a total transaction of $35,600.04. Following the completion of the sale, the insider directly owned 359,896 shares of the company’s stock, valued at $1,993,823.84. The trade was a 1.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 64,868 shares of company stock worth $359,369. 4.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Ardelyx

Several institutional investors have recently modified their holdings of the business. Merit Financial Group LLC lifted its holdings in Ardelyx by 12.0% during the third quarter. Merit Financial Group LLC now owns 23,680 shares of the biopharmaceutical company’s stock worth $130,000 after acquiring an additional 2,537 shares during the period. Brighton Jones LLC grew its stake in Ardelyx by 25.1% in the 3rd quarter. Brighton Jones LLC now owns 12,701 shares of the biopharmaceutical company’s stock valued at $70,000 after purchasing an additional 2,550 shares during the period. Savant Capital LLC raised its stake in shares of Ardelyx by 7.1% during the 2nd quarter. Savant Capital LLC now owns 39,386 shares of the biopharmaceutical company’s stock worth $154,000 after purchasing an additional 2,610 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in shares of Ardelyx by 24.2% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 15,263 shares of the biopharmaceutical company’s stock worth $84,000 after buying an additional 2,975 shares during the last quarter. Finally, E Fund Management Co. Ltd. boosted its holdings in shares of Ardelyx by 8.9% in the 2nd quarter. E Fund Management Co. Ltd. now owns 40,023 shares of the biopharmaceutical company’s stock worth $157,000 after buying an additional 3,255 shares during the last quarter. 58.92% of the stock is owned by institutional investors.

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.