Ardelyx (ARDX) Receives New Coverage from Analysts at Piper Jaffray Companies
Piper Jaffray Companies initiated coverage on shares of Ardelyx (NASDAQ:ARDX) in a research note published on Monday, Benzinga reports. The brokerage issued an overweight rating and a $15.00 target price on the biopharmaceutical company’s stock. Piper Jaffray Companies also issued estimates for Ardelyx’s Q1 2019 earnings at ($0.36) EPS, Q2 2019 earnings at ($0.38) EPS, Q3 2019 earnings at ($0.38) EPS, Q4 2019 earnings at ($0.33) EPS, FY2019 earnings at ($1.45) EPS, Q1 2020 earnings at ($0.29) EPS, Q2 2020 earnings at ($0.30) EPS, Q3 2020 earnings at ($0.31) EPS, Q4 2020 earnings at ($0.33) EPS, FY2020 earnings at ($1.22) EPS, FY2021 earnings at ($0.81) EPS, FY2022 earnings at $0.83 EPS and FY2023 earnings at $2.66 EPS.
Several other research analysts have also recently weighed in on ARDX. ValuEngine raised shares of Ardelyx from a sell rating to a hold rating in a report on Wednesday, January 2nd. Zacks Investment Research cut shares of Ardelyx from a hold rating to a sell rating in a report on Tuesday, January 8th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company presently has an average rating of Buy and an average target price of $8.81.
ARDX opened at $3.68 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 9.95 and a quick ratio of 9.95. Ardelyx has a twelve month low of $1.60 and a twelve month high of $5.90. The company has a market cap of $215.97 million, a PE ratio of -2.27 and a beta of 1.87.
A number of hedge funds and other institutional investors have recently made changes to their positions in ARDX. BlackRock Inc. raised its holdings in Ardelyx by 8.4% in the 3rd 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. Panagora Asset Management Inc. acquired a new position in Ardelyx in the 3rd quarter valued at approximately $343,000. Dimensional Fund Advisors LP raised its holdings in Ardelyx by 21.6% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,571,451 shares of the biopharmaceutical company’s stock valued at $6,836,000 after acquiring an additional 278,770 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Ardelyx by 52.4% in the 3rd quarter. Renaissance Technologies LLC now owns 1,181,000 shares of the biopharmaceutical company’s stock valued at $5,137,000 after acquiring an additional 405,860 shares in the last quarter. Finally, Wedbush Securities Inc. acquired a new position in Ardelyx in the 3rd quarter valued at approximately $158,000. Institutional investors own 75.12% of the company’s stock.
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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