Cantor Fitzgerald Upgrades Ardelyx

Fintel reports that on August 25, 2023, Cantor Fitzgerald upgraded their outlook for Ardelyx (NASDAQ:ARDX) from Neutral to Overweight.

Analyst Price Forecast Suggests 105.84% Upside

As of August 2, 2023, the average one-year price target for Ardelyx is 7.22. The forecasts range from a low of 5.05 to a high of $10.50. The average price target represents an increase of 105.84% from its latest reported closing price of 3.51.

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The projected annual revenue for Ardelyx is 67MM, a decrease of 19.35%. The projected annual non-GAAP EPS is -0.44.

What is the Fund Sentiment?

There are 211 funds or institutions reporting positions in Ardelyx. This is an increase of 31 owner(s) or 17.22% in the last quarter. Average portfolio weight of all funds dedicated to ARDX is 0.10%, a decrease of 15.07%. Total shares owned by institutions increased in the last three months by 14.48% to 136,477K shares. The put/call ratio of ARDX is 0.33, indicating a bullish outlook.

What are Other Shareholders Doing?

Janus Henderson Group holds 21,827K shares representing 10.02% ownership of the company. In it’s prior filing, the firm reported owning 22,112K shares, representing a decrease of 1.31%. The firm decreased its portfolio allocation in ARDX by 35.13% over the last quarter.

XBI – SPDR(R) S&P(R) Biotech ETF holds 14,356K shares representing 6.59% ownership of the company. In it’s prior filing, the firm reported owning 0K shares, representing an increase of 100.00%.

Millennium Management holds 6,976K shares representing 3.20% ownership of the company. In it’s prior filing, the firm reported owning 11,020K shares, representing a decrease of 57.96%. The firm decreased its portfolio allocation in ARDX by 61.47% over the last quarter.

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 5,447K shares representing 2.50% ownership of the company. In it’s prior filing, the firm reported owning 5,266K shares, representing an increase of 3.33%. The firm increased its portfolio allocation in ARDX by 60.54% over the last quarter.

JAGLX – Janus Henderson Global Life Sciences Fund Class T holds 4,866K shares representing 2.23% ownership of the company. In it’s prior filing, the firm reported owning 2,942K shares, representing an increase of 39.54%. The firm increased its portfolio allocation in ARDX by 183.62% over the last quarter.

Ardelyx Background Information
(This description is provided by the company.)

Ardelyx is focused on discovering, developing, and commercializing innovative first-in-class medicines to enhance the lives of patients with kidney and cardiorenal diseases. Ardelyx is advancing tenapanor, a novel product candidate to control serum phosphorus in adult patients with CKD on dialysis, for which the company’s NDA is currently under review by the FDA, with a PDUFA date of April 29, 2021. Ardelyx is also advancing RDX013, a potassium secretagogue, for the potential treatment of elevated serum potassium, or hyperkalemia, a problem among certain patients with kidney and/or heart disease and has an early-stage program in metabolic acidosis, a serious electrolyte disorder in patients with CKD. In addition, Ardelyx received FDA approval of IBSRELA® (tenapanor) on September 12, 2019. Ardelyx has established agreements with Kyowa Kirin in Japan, Fosun Pharma in China and Knight Therapeutics in Canada for the development and commercialization of tenapanor in their respective territories.

This article originally appeared on Fintel