Wedbush reissued their outperform rating on shares of Ardelyx (NASDAQ:ARDX – Free Report) in a research report sent to investors on Tuesday,Benzinga reports. They currently have a $9.00 target price on the biopharmaceutical company’s stock.
ARDX has been the topic of several other reports. TD Cowen lowered their price objective on shares of Ardelyx from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Friday, August 7th. Piper Sandler dropped their price objective on Ardelyx from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday. Weiss Ratings lowered Ardelyx from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, June 29th. HC Wainwright reaffirmed a “buy” rating and issued a $13.00 price target on shares of Ardelyx in a research report on Friday, August 7th. Finally, Citigroup decreased their price target on Ardelyx from $14.00 to $11.00 and set a “buy” rating for the company in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Ardelyx presently has an average rating of “Moderate Buy” and an average price target of $13.90.
Get Our Latest Report on Ardelyx
Ardelyx Trading Down 3.2%
Ardelyx (NASDAQ:ARDX – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The company had revenue of $120.88 million for the quarter, compared to the consensus estimate of $121.03 million. Ardelyx had a negative net margin of 12.35% and a negative return on equity of 36.00%. Ardelyx’s revenue for the quarter was up 34.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.08) earnings per share. Equities analysts predict that Ardelyx will post -0.2 earnings per share for the current year.
Institutional Investors Weigh In On Ardelyx
Several hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Ardelyx in the second quarter worth about $119,874,000. Vanguard Group Inc. boosted its stake in Ardelyx by 3.3% during the 4th quarter. Vanguard Group Inc. now owns 18,979,483 shares of the biopharmaceutical company’s stock valued at $110,650,000 after purchasing an additional 610,162 shares during the period. Janus Henderson Group PLC grew its holdings in Ardelyx by 5.0% in the 4th quarter. Janus Henderson Group PLC now owns 14,514,692 shares of the biopharmaceutical company’s stock valued at $84,583,000 after buying an additional 690,599 shares during the last quarter. State Street Corp grew its holdings in Ardelyx by 22.6% in the 4th quarter. State Street Corp now owns 11,912,339 shares of the biopharmaceutical company’s stock valued at $69,449,000 after buying an additional 2,193,649 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in Ardelyx by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 5,827,618 shares of the biopharmaceutical company’s stock worth $33,981,000 after buying an additional 70,832 shares during the period. 58.92% of the stock is owned by institutional investors and hedge funds.
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.
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