Ardelyx (NASDAQ:ARDX) Stock Price Target Lowered at BTIG Research

Ardelyx (NASDAQ:ARDX) had its price target trimmed by BTIG Research from $14.00 to $11.00 in a research note published on Monday,Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company’s stock.

ARDX has been the topic of a number of other reports. TD Cowen began coverage on Ardelyx in a research note on Wednesday, November 4th. They set a “strong-buy” rating on the stock. HC Wainwright reiterated a “buy” rating and issued a $13.00 price objective on shares of Ardelyx in a report on Friday, August 7th. Weiss Ratings reissued a “sell (e+)” rating on shares of Ardelyx in a research note on Friday, September 25th. Wedbush restated an “outperform” rating and set a $9.00 target price on shares of Ardelyx in a report on Tuesday, August 18th. Finally, Piper Sandler reduced their price target on Ardelyx from $16.00 to $15.00 and set an “overweight” rating on the stock in a research report on Monday, August 17th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Ardelyx currently has an average rating of “Moderate Buy” and a consensus target price of $13.60.

Ardelyx Price Performance

Shares of NASDAQ:ARDX opened at $2.93 on Monday. The company has a quick ratio of 3.15, a current ratio of 3.45 and a debt-to-equity ratio of 1.54. The stock has a market cap of $736.51 million, a PE ratio of -13.32 and a beta of 0.79. The company’s fifty day moving average is $3.33 and its 200 day moving average is $5.21. Ardelyx has a 52 week low of $2.80 and a 52 week high of $8.40.

Insider Buying and Selling

In related news, insider John Bishop sold 19,750 shares of the company’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $76,235.00. Following the completion of the sale, the insider directly owned 317,095 shares in the company, valued at $1,223,986.70. This represents a 5.86% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Laura Williams sold 10,739 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $3.86, for a total transaction of $41,452.54. Following the sale, the insider directly owned 367,456 shares of the company’s stock, valued at $1,418,380.16. The trade was a 2.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 126,059 shares of company stock valued at $486,588 over the last quarter. Company insiders own 5.30% of the company’s stock.

Institutional Trading of Ardelyx

Institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. purchased a new position in Ardelyx during the 2nd quarter valued at about $35,000. Sterling Capital Management LLC raised its position in Ardelyx by 842.7% during the 3rd quarter. Sterling Capital Management LLC now owns 8,088 shares of the biopharmaceutical company’s stock valued at $28,000 after purchasing an additional 7,230 shares during the last quarter. SCS Capital Management LLC bought a new position in Ardelyx during the 2nd quarter valued at approximately $52,000. ADAR1 Capital Management LLC bought a new position in Ardelyx during the 2nd quarter valued at approximately $56,000. Finally, PVG Asset Management Corp purchased a new stake in Ardelyx in the 1st quarter worth approximately $65,000. 58.92% of the stock is currently owned by hedge funds and other institutional investors.

About Ardelyx

Ardelyx, Inc is a biopharmaceutical company focused on developing and commercializing therapies for gastrointestinal and cardiorenal diseases. The company’s platform is centered on regulating ion transport in the gut, with the goal of addressing conditions that are inadequately served by existing treatments.

Ardelyx’s marketed products include IBSRELA (tenapanor), an oral treatment for adults with irritable bowel syndrome with constipation, and XPHOZAH (tenapanor), a therapy designed to reduce serum phosphorus in adults with chronic kidney disease on dialysis who have an inadequate response to, or are intolerant of, phosphate binders.