Ardelyx, Inc. (NASDAQ: ARDX) has received a renewed “buy” rating from BTIG Research, which issued a report on January 9, 2024, projecting a price target of $17.00 for the biopharmaceutical company’s stock. This target suggests a potential upside of 152.23% based on the stock’s previous closing price. The analyst’s optimism reflects a growing confidence in Ardelyx’s market position and product pipeline.
Several other analysts have also weighed in on Ardelyx recently. Citigroup raised its target price from $11.00 to $14.00, affirming a “buy” rating in its latest research note. Similarly, Raymond James Financial reiterated a “strong-buy” rating with a price objective of $19.00. Jefferies Financial Group has also maintained a “buy” rating, setting a target price of $15.00. HC Wainwright increased their target from $10.00 to $18.00, while Wedbush raised its target from $16.00 to $19.00.
Currently, two analysts have assigned a “strong buy” rating to Ardelyx, while nine others have given it a “buy” rating. The stock has one “sell” rating. According to data from MarketBeat, Ardelyx has a consensus rating of “buy” with an average price target of $15.09.
Quarterly Earnings Report Highlights
Ardelyx announced its quarterly earnings results on February 19, 2024. The company reported earnings per share (EPS) of (0.01), missing the consensus estimate of $0.02 by $0.03. Despite this setback, Ardelyx recorded revenue of $125.22 million for the quarter, surpassing analyst estimates of $118.04 million. This revenue reflects a year-over-year increase of 7.8% from the same period last year when the company reported an EPS of $0.02.
Analysts forecast that Ardelyx will post an EPS of (0.18) for the current year, indicating a challenging outlook as the company continues to build its market presence.
Insider Trading and Institutional Interest
In related news, insider Laura A. Williams sold 50,000 shares of Ardelyx on January 8, 2024, at an average price of $6.98, totaling approximately $349,000. Following this transaction, Williams retains 361,563 shares valued at approximately $2,523,709.74, marking a 12.15% reduction in her position. This transaction has been documented in a legal filing with the U.S. Securities and Exchange Commission (SEC).
Ardelyx’s stock is currently owned by 4.80% of insiders, while institutional investors hold 58.92% of the company’s shares. Recent changes in institutional holdings include DCF Advisers LLC acquiring a new position valued at $39,000 and Brighton Jones LLC purchasing shares worth about $40,000. First Horizon Corp has increased its stake by 120.4%, now holding 7,906 shares valued at $46,000.
About Ardelyx
Ardelyx, Inc. is a clinical-stage biopharmaceutical company focused on developing targeted small molecule drugs for cardio-renal and gastrointestinal diseases. Its lead product, tenapanor, marketed under the brand name XPHOZAH in the United States, is approved for treating hyperphosphatemia in patients with chronic kidney disease on dialysis. The company employs a proprietary approach targeting epithelial transporters in the gastrointestinal tract, aiming to provide localized activity while minimizing systemic exposure.
Beyond tenapanor, Ardelyx is actively developing treatments for other complications associated with kidney disease and related metabolic disorders, positioning itself as a key player in the biopharmaceutical landscape.
