Ardelyx Inc (ARDX) Receives Average Recommendation of “Buy” from Analysts

Shares of Ardelyx Inc (NASDAQ:ARDX) have been given an average rating of “Buy” by the eight analysts that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and five have issued a buy recommendation on the company. The average 1 year target price among brokers that have issued ratings on the stock in the last year is $14.50.

A number of research analysts have issued reports on ARDX shares. ValuEngine raised Ardelyx from a “sell” rating to a “hold” rating in a report on Friday, June 1st. Wedbush reissued an “outperform” rating on shares of Ardelyx in a report on Thursday, March 15th. Cantor Fitzgerald set a $12.00 price objective on Ardelyx and gave the company a “buy” rating in a report on Saturday, March 17th. Leerink Swann reissued an “outperform” rating and set a $13.00 price objective on shares of Ardelyx in a report on Monday, March 19th. Finally, BidaskClub raised Ardelyx from a “sell” rating to a “hold” rating in a report on Thursday, May 17th.

In other Ardelyx news, Director Gordon Ringold purchased 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 30th. The stock was acquired at an average cost of $4.00 per share, with a total value of $40,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 16.60% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in ARDX. Algert Global LLC bought a new position in shares of Ardelyx in the first quarter valued at about $253,000. Trexquant Investment LP raised its holdings in shares of Ardelyx by 200.8% in the first quarter. Trexquant Investment LP now owns 53,210 shares of the biopharmaceutical company’s stock valued at $269,000 after buying an additional 35,522 shares during the last quarter. A.R.T. Advisors LLC bought a new position in shares of Ardelyx in the first quarter valued at about $367,000. Sofinnova Ventures Inc bought a new position in shares of Ardelyx in the first quarter valued at about $501,000. Finally, TIAA CREF Investment Management LLC raised its holdings in shares of Ardelyx by 10.3% in the fourth quarter. TIAA CREF Investment Management LLC now owns 94,898 shares of the biopharmaceutical company’s stock valued at $626,000 after buying an additional 8,869 shares during the last quarter. 73.95% of the stock is owned by institutional investors and hedge funds.

ARDX stock opened at $3.80 on Friday. The stock has a market capitalization of $180.89 million, a price-to-earnings ratio of -2.79 and a beta of 0.73. Ardelyx has a 12 month low of $3.60 and a 12 month high of $8.65.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Tuesday, May 8th. The biopharmaceutical company reported ($0.36) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.46) by $0.10. The company had revenue of $2.32 million for the quarter. equities research analysts expect that Ardelyx will post -1.69 earnings per share for the current year.

About Ardelyx

Ardelyx, Inc, a specialized biopharmaceutical company, develops and sells disruptive medicines for the treatment of cardio renal and gastrointestinal diseases in the United States and Asia Pacific. 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 for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis.

Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

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