Ardelyx (NASDAQ:ARDX) Stock Price Passes Below Two Hundred Day Moving Average of $7.21
Ardelyx (NASDAQ:ARDX) shares fell below their 200-day moving average of $0.21, trading as low as $0.76. Analysts have mixed reviews, with Piper Sandler downgrading the stock to 'neutral' and lowering its target price. In contrast, Citigroup and HC Wainwright upgraded their ratings. Financials showed a quarterly revenue increase of 228.3%, but the EPS remained negative at -$0.07. Major insider sales were reported recently, and institutional investors have been actively trading. The stock's average rating is 'Moderate Buy' with a consensus target price of $0.43.
Shares of Ardelyx, Inc. (NASDAQ:ARDX - Get Free Report) passed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $7.21 and traded as low as $5.76. Ardelyx shares last traded at $5.85, with a volume of 2,695,116 shares.
Wall Street Analysts Forecast Growth
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A number of research analysts have issued reports on the stock. Piper Sandler cut shares of Ardelyx from an "overweight" rating to a "neutral" rating and decreased their target price for the stock from $15.00 to $7.00 in a research report on Tuesday, July 2nd. StockNews.com raised Ardelyx from a "sell" rating to a "hold" rating in a report on Wednesday, July 31st. Citigroup lifted their target price on Ardelyx from $10.00 to $12.00 and gave the company a "buy" rating in a research note on Friday, August 2nd. HC Wainwright increased their price target on Ardelyx from $10.00 to $11.00 and gave the stock a "buy" rating in a research note on Monday, August 5th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Ardelyx in a research note on Thursday, June 20th. Two research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $11.43.
Read Our Latest Stock Report on ARDX
Ardelyx Stock Performance
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The company has a fifty day moving average price of $5.91 and a two-hundred day moving average price of $7.21. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of -20.89 and a beta of 0.83. The company has a debt-to-equity ratio of 0.66, a current ratio of 4.53 and a quick ratio of 4.36.
Ardelyx (NASDAQ:ARDX - Get Free Report) last posted its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.11) by $0.04. Ardelyx had a negative net margin of 31.02% and a negative return on equity of 38.41%. The company had revenue of $73.20 million during the quarter, compared to analyst estimates of $55.03 million. During the same quarter last year, the firm posted ($0.08) EPS. The business's revenue for the quarter was up 228.3% on a year-over-year basis. As a group, equities research analysts expect that Ardelyx, Inc. will post -0.34 EPS for the current year.
Insiders Place Their Bets
In other news, CEO Michael Raab sold 30,000 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $5.64, for a total transaction of $169,200.00. Following the completion of the sale, the chief executive officer now owns 1,260,463 shares in the company, valued at approximately $7,109,011.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, insider David P. Rosenbaum sold 17,872 shares of Ardelyx stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $7.00, for a total value of $125,104.00. Following the transaction, the insider now directly owns 158,502 shares of the company's stock, valued at $1,109,514. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Michael Raab sold 30,000 shares of the company's stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $5.64, for a total transaction of $169,200.00. Following the completion of the sale, the chief executive officer now owns 1,260,463 shares of the company's stock, valued at approximately $7,109,011.32. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 284,411 shares of company stock worth $1,903,349. 5.50% of the stock is owned by insiders.
Institutional Trading of Ardelyx
Large investors have recently added to or reduced their stakes in the company. Eventide Asset Management LLC grew its holdings in shares of Ardelyx by 152.5% during the fourth quarter. Eventide Asset Management LLC now owns 6,805,494 shares of the biopharmaceutical company's stock valued at $42,194,000 after buying an additional 4,110,494 shares in the last quarter. Redmile Group LLC acquired a new stake in Ardelyx during the 1st quarter worth about $16,020,000. Millennium Management LLC grew its stake in Ardelyx by 142.8% during the 2nd quarter. Millennium Management LLC now owns 3,203,090 shares of the biopharmaceutical company's stock valued at $23,735,000 after acquiring an additional 1,883,995 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Ardelyx by 68.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 3,913,863 shares of the biopharmaceutical company's stock valued at $28,572,000 after purchasing an additional 1,584,597 shares during the period. Finally, Rubric Capital Management LP lifted its position in shares of Ardelyx by 60.5% in the fourth quarter. Rubric Capital Management LP now owns 4,012,753 shares of the biopharmaceutical company's stock worth $24,879,000 after purchasing an additional 1,512,753 shares in the last quarter. 58.92% of the stock is owned by institutional investors and hedge funds.
About Ardelyx
(Get Free Report)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.
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