Ardelyx (NASDAQ:ARDX) Given New $11.00 Price Target at Citigroup

Ardelyx (NASDAQ:ARDX) had its price target hoisted by stock analysts at Citigroup from $10.00 to $11.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. Citigroup’s price objective suggests a potential upside of 87.23% from the company’s current price.

A number of other research firms have also weighed in on ARDX. Raymond James Financial began coverage on shares of Ardelyx in a report on Wednesday, September 3rd. They set a “strong-buy” rating and a $14.00 target price for the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ardelyx in a report on Wednesday, October 8th. Piper Sandler lifted their price objective on Ardelyx from $8.00 to $9.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 6th. Wall Street Zen raised Ardelyx from a “sell” rating to a “hold” rating in a research note on Saturday, August 9th. Finally, TD Cowen upped their target price on Ardelyx from $9.00 to $10.00 and gave the company a “buy” rating in a report on Friday. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Ardelyx has an average rating of “Moderate Buy” and an average target price of $11.64.

Ardelyx Trading Down 3.1%

Shares of NASDAQ:ARDX traded down $0.19 during trading on Monday, reaching $5.88. 5,913,686 shares of the company traded hands, compared to its average volume of 4,490,521. The company has a current ratio of 4.30, a quick ratio of 4.03 and a debt-to-equity ratio of 1.44. Ardelyx has a 52-week low of $3.21 and a 52-week high of $6.78. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -25.54 and a beta of 0.67. The business’s fifty day moving average is $5.76 and its 200-day moving average is $4.86.

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

Insider Transactions at Ardelyx

In other Ardelyx news, insider Eric Duane Foster sold 15,308 shares of the company’s stock in a transaction dated Thursday, August 21st. The shares were sold at an average price of $5.93, for a total value of $90,776.44. Following the sale, the insider owned 301,498 shares in the company, valued at approximately $1,787,883.14. This represents a 4.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Mike Kelliher sold 5,417 shares of the firm’s stock in a transaction that occurred on Thursday, August 21st. The shares were sold at an average price of $5.93, for a total value of $32,122.81. Following the transaction, the insider directly owned 276,741 shares of the company’s stock, valued at approximately $1,641,074.13. This trade represents a 1.92% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 165,551 shares of company stock worth $996,917. 4.80% of the stock is owned by insiders.

Institutional Trading of Ardelyx

A number of hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its position in shares of Ardelyx by 4.4% during the 1st quarter. Vanguard Group Inc. now owns 14,997,234 shares of the biopharmaceutical company’s stock valued at $73,636,000 after purchasing an additional 634,575 shares during the last quarter. Marshall Wace LLP raised its stake in Ardelyx by 34.2% during the 2nd quarter. Marshall Wace LLP now owns 11,250,652 shares of the biopharmaceutical company’s stock valued at $44,103,000 after purchasing an additional 2,866,843 shares during the period. Millennium Management LLC grew its holdings in Ardelyx by 118.2% during the 1st quarter. Millennium Management LLC now owns 6,465,262 shares of the biopharmaceutical company’s stock valued at $31,744,000 after buying an additional 3,501,782 shares in the last quarter. Bank of America Corp DE grew its holdings in Ardelyx by 88.8% during the 2nd quarter. Bank of America Corp DE now owns 5,527,988 shares of the biopharmaceutical company’s stock valued at $21,670,000 after buying an additional 2,600,080 shares in the last quarter. Finally, Nuveen LLC bought a new stake in shares of Ardelyx during the first quarter valued at approximately $16,735,000. Hedge funds and other institutional investors own 58.92% of the company’s stock.

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.