Janus Henderson Investors US LLC recently announced the acquisition of new stake in Ardelyx Inc (NASDAQ:ARDX). The institutional investor has increased its shareholding in the Healthcare company by 25.08% to 27.17 million shares with purchase of 5.45 million shares. This fresh investment now brings its stake to 11.71% valued currently at $122.55 million. In addition, BlackRock Fund Advisors raised its holdings by 0.33 million to 13.0 million shares. And The Vanguard Group, Inc. has lifted its position by 0.81% or 88508.0 shares – to 11.06 million shares.
With over 25.99 million Ardelyx Inc (ARDX) shares trading Monday and a closing price of $8.18 on the day, the dollar volume was approximately $212.61 million. The shares have shown a positive half year performance of 132.39% and its price on 01/08/24 gained nearly 32.79%. Currently, there are 232.14M common shares owned by the public and among those 223.56M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for ARDX have a consensus price objective of $10.21. The analysts have set the share’s price value over the next 12 months at a high of $12.00 and a low of $8.00. The average price target is 19.88% above its recent price level and a downside to the estimated low will see the stock lose -2.25% over that period. But an upside of 31.83% will see the stock hit the forecast high price target while median target price for the stock is $10.50.
Insiders at the company have transacted a total of 39 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 6 of these insider trades were purchases, accounting for 119,428 shares. Insider sales of the common stock occurred on 33 occasions, with total insider shares sold totaling 193,819 shares.
The top 3 mutual fund holders in Ardelyx Inc are SPDR S&P Biotech ETF, Vanguard Total Stock Market ETF, and iShares Russell 2000 ETF. SPDR S&P Biotech ETF owns 9.65 million shares of the company’s stock, all valued at over $43.52 million. The company bought an additional 44970.0 shares recently to bring their total holdings to about 4.16% of the shares outstanding. iShares Russell 2000 ETF bought 2538.0 shares to bring its total holdings to over 5.16 million shares at a value of $23.27 million. iShares Russell 2000 ETF now owns shares totaling to 2.22% of the shares outstanding.
Shares of Ardelyx Inc (NASDAQ: ARDX) opened at $6.50, up $0.34 from a prior closing price of $6.16. However, the script later moved the day high at 8.25, up 32.79%. The company’s stock has a 5-day price change of 31.94% and 106.05% over the past three months. ARDX shares are trading 31.94% year to date (YTD), with the 12-month market performance up to 197.45% higher. It has a 12-month low price of $2.67 and touched a high of $6.75 over the same period. ARDX has an average intraday trading volume of 6.62 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 36.68%, 68.02%, and 94.40% respectively.
Institutional ownership of Ardelyx Inc (NASDAQ: ARDX) shares accounts for 54.24% of the company’s 232.14M shares outstanding. Mutual fund holders own 25.81%, while other institutional holders and individual stakeholders account for 28.45% and 11.60% respectively.
It has a market capitalization of $1.90B and a beta (3y monthly) value of 0.91. The earnings-per-share (ttm) stands at -$0.12. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.97% over the week and 6.22% over the month.
Analysts forecast that Ardelyx Inc (ARDX) will achieve an EPS of -$0.1 for the current quarter, -$0.11 for the next quarter and -$0.25 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.14 while analysts give the company a high EPS estimate of -$0.06. Comparatively, EPS for the current quarter was $0.06 a year ago. Earnings per share for the fiscal year are expected to increase by 29.24%, and 13.81% over the next financial year. EPS should grow at an annualized rate of 30.00% over the next five years, compared to 20.81% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Ardelyx Inc (ARDX) as a “Strong Buy” at a consensus score of 1.00. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 0 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ARDX, a number of firms have released research notes about the stock. Raymond James stated their Strong Buy rating for the stock in a research note on December 18, 2023, with the firm’s price target at $12.
