Ardelyx Inc (ARDX) Given Consensus Recommendation of “Buy” by Analysts

Shares of Ardelyx Inc (NASDAQ:ARDX) have been given a consensus rating of “Buy” by the nine analysts that are covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $11.80.

A number of equities analysts have recently issued reports on the company. Citigroup cut their price objective on Ardelyx from $17.00 to $11.00 and set a “buy” rating for the company in a report on Thursday, August 9th. Jefferies Financial Group assumed coverage on Ardelyx in a report on Friday, August 24th. They issued a “buy” rating and a $7.00 price objective for the company. Zacks Investment Research upgraded Ardelyx from a “hold” rating to a “buy” rating and set a $4.75 price objective for the company in a report on Tuesday, July 10th. Finally, BidaskClub upgraded Ardelyx from a “sell” rating to a “hold” rating in a report on Friday, September 28th.

Shares of ARDX traded up $0.20 during midday trading on Thursday, reaching $3.30. The stock had a trading volume of 5,057 shares, compared to its average volume of 307,850. Ardelyx has a 12-month low of $2.66 and a 12-month high of $8.10. The company has a current ratio of 14.21, a quick ratio of 14.21 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $188.64 million, a P/E ratio of -2.42 and a beta of 1.33.

Ardelyx (NASDAQ:ARDX) last posted its quarterly earnings data on Tuesday, August 7th. The biopharmaceutical company reported ($0.42) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.44) by $0.02. The firm had revenue of $0.03 million during the quarter. On average, equities research analysts predict that Ardelyx will post -1.61 EPS for the current year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. NEA Management Company LLC boosted its holdings in Ardelyx by 8.9% during the 2nd quarter. NEA Management Company LLC now owns 15,335,047 shares of the biopharmaceutical company’s stock valued at $56,740,000 after acquiring an additional 1,251,465 shares during the period. Pekin Singer Strauss Asset Management IL purchased a new stake in Ardelyx during the 3rd quarter valued at about $4,345,000. BlackRock Inc. boosted its holdings in Ardelyx by 37.3% during the 2nd quarter. BlackRock Inc. now owns 3,578,459 shares of the biopharmaceutical company’s stock valued at $13,240,000 after acquiring an additional 972,883 shares during the period. Millennium Management LLC boosted its holdings in Ardelyx by 155.2% during the 2nd quarter. Millennium Management LLC now owns 1,083,199 shares of the biopharmaceutical company’s stock valued at $4,008,000 after acquiring an additional 658,688 shares during the period. Finally, 683 Capital Management LLC purchased a new stake in Ardelyx during the 2nd quarter valued at about $2,405,000. Hedge funds and other institutional investors own 73.50% of the company’s stock.

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.

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Analyst Recommendations for Ardelyx (NASDAQ:ARDX)

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