Ardelyx (NASDAQ:ARDX) Reaches New 52-Week Low – What’s Next?

Ardelyx, Inc. (NASDAQ:ARDX) reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $4.15 and last traded at $4.17, with a volume of 429005 shares. The stock had previously closed at $4.55.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on ARDX. Cantor Fitzgerald upgraded Ardelyx to a “strong-buy” rating in a report on Tuesday, March 4th. Scotiabank began coverage on shares of Ardelyx in a report on Friday, March 7th. They issued a “sector outperform” rating and a $15.00 price target on the stock. Raymond James restated a “strong-buy” rating and issued a $13.00 price objective (down from $15.00) on shares of Ardelyx in a report on Friday, February 21st. Piper Sandler raised shares of Ardelyx to a “hold” rating in a research note on Wednesday, March 12th. Finally, Jefferies Financial Group decreased their price target on shares of Ardelyx from $11.00 to $8.00 and set a “buy” rating for the company in a research note on Thursday, January 2nd. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Ardelyx currently has a consensus rating of “Moderate Buy” and a consensus price target of $10.61.

Ardelyx Stock Down 3.6 %

The company has a quick ratio of 4.31, a current ratio of 4.58 and a debt-to-equity ratio of 0.87. The company has a fifty day simple moving average of $5.36 and a 200 day simple moving average of $5.47. The firm has a market capitalization of $1.05 billion, a P/E ratio of -27.49 and a beta of 0.81.

Ardelyx (NASDAQ:ARDX) last announced its quarterly earnings results on Thursday, February 20th. The biopharmaceutical company reported $0.02 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.02. The company had revenue of $116.13 million for the quarter, compared to analysts’ expectations of $111.16 million. Ardelyx had a negative net margin of 11.73% and a negative return on equity of 24.87%. On average, equities analysts expect that Ardelyx, Inc. will post -0.18 EPS for the current fiscal year.

Insider Activity at Ardelyx

In other Ardelyx news, Director David M. Mott bought 199,000 shares of the business’s stock in a transaction on Tuesday, January 21st. The shares were acquired at an average cost of $4.99 per share, for a total transaction of $993,010.00. Following the purchase, the director now owns 1,937,765 shares in the company, valued at approximately $9,669,447.35. This trade represents a 11.44 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Laura A. Williams sold 4,941 shares of Ardelyx stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $5.62, for a total value of $27,768.42. Following the completion of the sale, the insider now directly owns 303,804 shares of the company’s stock, valued at approximately $1,707,378.48. The trade was a 1.60 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 158,076 shares of company stock valued at $853,804 over the last 90 days. Corporate insiders own 5.90% of the company’s stock.

Hedge Funds Weigh In On Ardelyx

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Heck Capital Advisors LLC bought a new stake in shares of Ardelyx in the fourth quarter worth approximately $121,000. Mackenzie Financial Corp grew its position in Ardelyx by 266.0% in the 4th quarter. Mackenzie Financial Corp now owns 140,133 shares of the biopharmaceutical company’s stock worth $710,000 after purchasing an additional 101,841 shares during the period. GF Fund Management CO. LTD. purchased a new stake in Ardelyx during the 4th quarter valued at $25,000. Palisades Investment Partners LLC boosted its stake in shares of Ardelyx by 7.1% in the 4th quarter. Palisades Investment Partners LLC now owns 517,781 shares of the biopharmaceutical company’s stock worth $2,625,000 after buying an additional 34,432 shares during the last quarter. Finally, Two Seas Capital LP bought a new stake in shares of Ardelyx in the fourth quarter worth $9,407,000. 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.