Cantor Fitzgerald launched its Ardelyx [ARDX] rating to the equivalent of Overweight and assigned the price target of $14.0, in a research note dated 2021-01-06. That figure represents around a 120.47% premium from where the company’s shares closed on Tuesday. Meanwhile, Citigroup had launched its coverage on ARDX with “Buy”, in a research note produced for clients February 12, 2020. In addition, Cowen launched coverage on February 10, 2020. The research firm rated ARDX “an Outperform”.
Is Ardelyx Inc. [NASDAQ:ARDX] a Good Buy Right Now?
It should be noted that ARDX technical indicators for short, intermediate as well as long term progress have placed an overall average of 32% as Buy. The average signal changed from 56% Buy in the last week and compares with 8% Sell in the past month. Data from Ardelyx Inc.’s Trend Spotter indicated that the signals were Bullish. The stock current average is 0.89 million shares in the past 20 days and the short term average signal indicates a 50% Buy. In the last 50 days, the average trading volume was 0.6 million shares while the medium term average advocated for Hold. The average long-term signal stands at 50% Buy and the 100-day average volume stands at 0.55 million shares.
ARDX Price Performance
On Wall Street, Ardelyx Inc. [NASDAQ:ARDX] finished Tuesday’s session down -1.85% at $6.35. The stock went up to $6.60 at the same session while its lowest single day price was $6.32. In the last five days, it saw a fall of about -6.82%, Ardelyx Inc. shares dropped by almost -1.85% since the beginning of the year. However, the share price has dropped to as low as -27.96% below its one year high. On 01/04/21, the company shares recorded $6.61, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/05/21, the same year at $6.32. The company’s shares have declined by -15.45% in the past year. The 50-day SMA achieved is $6.08 while the 200-day SMA is $6.28. Volume gained to 0.49 million from 0.27 million in the previous session.
ARDX Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 6.25 level, and in case of violation of this particular level, it will cause more drop to 6.14 level. On the upper level, 6.70 is still the key resistance. The stock may increase to the subsequent resistance at 6.53. The Relative Strength Index (RSI) pinned on the 14-day chart is 45.72, implying a neutral technical stance while the MACD stands at -0.38, meaning price will decrease in the next trading period. Percent R indicator moved to 96.67%, implying bearish price movement. Stochastic %K at 5.18% suggest selling the stock.
What is the short interest in Ardelyx Inc.?
Short interest in the Ardelyx Inc. stock has surged, increasing by 0.18 million shares to total 4.98 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 5.16 million, data from Yahoo Finance shows. The decrease of -3.61% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 6.77% of the overall float for the stock.
Ardelyx Inc.’s Biggest Shareholders: Who Owns Ardelyx Inc. [ARDX]?
Filings by RA Capital Management LP showed that the firm now holds a total of 6,260,904 shares or roughly 6.94% of the outstanding ARDX shares. This means their shares have reduced by 0 from the 6,260,904 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, BlackRock Fund Advisors updated stake is worth $33,103,407. Details in the latest 13F filings reveal that Rock Springs Capital Management L acquired their 1.23% stake valued at $31,984,262 while Adage Capital Management LP cut theirs at $31,500,000. During the last quarter, Rock Springs Capital Management L raised 61,758 of its shares in Ardelyx Inc.. The Vanguard Group, Inc.’s holdings currently number 3,773,187 shares at $23959737.45. According to the firm’s last 13F report, Redmile Group LLC shares in the company at filing stood at 3,514,100 shares, roughly $22,138,830.
ARDX Earnings Forecast For The Current Quarter
Ardelyx Inc. [ARDX] is expected to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $1.42M and an earnings per share of -$0.26 for Dec 2020. Looking further ahead, the company is expected to report revenue of $1M at an EPS of -$0.28 for Mar 2021. The estimates represent downside of 292.00% and -20.00% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
ARDX Earnings Estimates For The Current Year
For the financial year, Ardelyx Inc. [NASDAQ:ARDX] is expected to bring in revenue of $6.9M. The returns are nearly $1.62 million higher than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for 2020, the estimate put it at -1, higher than that of FY19 by $0.47. Estimates put this year’s earnings growth at 32.00%, -20.00% for the next, and at an annual 30.00% over the next 5-year period. As for sales, forecasts are for an increase of 30.70% in the current fiscal year and a further 292.00% over the following year.