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

Ardelyx Inc (NASDAQ:ARDX) has received a consensus recommendation of “Buy” from the six brokerages that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 12-month target price among brokers that have updated their coverage on the stock in the last year is $11.00.

ARDX has been the subject of several research reports. Piper Jaffray Companies initiated coverage on shares of Ardelyx in a research note on Monday, April 8th. They issued an “overweight” rating and a $15.00 price target for the company. ValuEngine upgraded shares of Ardelyx from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. Finally, Zacks Investment Research lowered shares of Ardelyx from a “hold” rating to a “sell” rating in a research note on Tuesday, January 8th.

Large investors have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP raised its holdings in Ardelyx by 21.6% in the third quarter. Dimensional Fund Advisors LP now owns 1,571,451 shares of the biopharmaceutical company’s stock worth $6,836,000 after purchasing an additional 278,770 shares in the last quarter. Opaleye Management Inc. purchased a new stake in shares of Ardelyx in the third quarter valued at $2,827,000. TIAA CREF Investment Management LLC lifted its position in shares of Ardelyx by 13.9% in the third quarter. TIAA CREF Investment Management LLC now owns 209,498 shares of the biopharmaceutical company’s stock valued at $911,000 after acquiring an additional 25,629 shares in the last quarter. Vanguard Group Inc lifted its position in shares of Ardelyx by 3.1% in the third quarter. Vanguard Group Inc now owns 1,984,621 shares of the biopharmaceutical company’s stock valued at $8,633,000 after acquiring an additional 60,171 shares in the last quarter. Finally, BlackRock Inc. lifted its position in shares of Ardelyx by 8.4% in the third quarter. BlackRock Inc. now owns 3,880,606 shares of the biopharmaceutical company’s stock valued at $16,881,000 after acquiring an additional 302,147 shares in the last quarter. Institutional investors and hedge funds own 75.12% of the company’s stock.

NASDAQ ARDX traded down $0.19 during trading on Monday, hitting $3.54. The company had a trading volume of 208,700 shares, compared to its average volume of 216,740. The company has a current ratio of 9.95, a quick ratio of 9.95 and a debt-to-equity ratio of 0.42. Ardelyx has a one year low of $1.60 and a one year high of $5.90. The firm has a market capitalization of $221.60 million, a PE ratio of -2.19 and a beta of 1.87.

Ardelyx (NASDAQ:ARDX) last issued its quarterly earnings data on Wednesday, March 6th. The biopharmaceutical company reported ($0.45) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.41) by ($0.04). The business had revenue of $0.09 million for the quarter, compared to analyst estimates of $0.18 million. On average, sell-side analysts predict that Ardelyx will post -1.46 earnings per share for the current year.

Ardelyx Company Profile

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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