Wedbush raised its price target on Ardelyx to $14 from $13 and kept an ‘Outperform’ rating on the shares.
Shares of Ardelyx Inc. (ARDX) jumped 16% higher on Tuesday morning after multiple brokerages upped their price targets on the stock following an upbeat second-quarter earnings report and management changes.
On Stocktwits, retail sentiment around ARDX trended in the ‘extremely bullish’ territory over the past 24 hours, while message volume jumped from ‘normal’ to ‘high’ levels. According to Stocktwits data, retail chatter around ARDX jumped 1738% over the past 24 hours, as of Tuesday morning.
A Stocktwits user heaped praises on the management.
Another user expressed hopes for further price target increases into the high teens.
Ardelyx on Monday announced changes to its executive leadership team, including the appointment of Edward Conner as Chief Medical Officer and the exit of CFO Justin Renz. The appointments came on the heels of the company reporting $97.7 million in total revenue, reflecting 33% growth year-over-year, and above an analyst estimate of $81.08 million.
Ibsrela, the company’s prescription medicine used in adults to treat irritable bowel syndrome with constipation, generated its highest-ever net sales revenue of $65 million in the quarter. Meanwhile, Xphozah, a prescription medicine used to reduce serum phosphorus in adults with chronic kidney disease (CKD) on dialysis as add-on therapy, brought in $25 million in the quarter.
The company also raised its Ibsrela net sales revenue expectations to $250 million to $260 million for the full year 2025. Net loss per share came in at $0.08, compared to a loss of $0.07 per share reported in the corresponding quarter of 2024, but below a loss per share of $0.14 expected by analysts.
Multiple analysts subsequently hiked their price target on the stock on Tuesday morning. Wedbush raised its price target on Ardelyx to $14 from $13 and kept an ‘Outperform’ rating on the shares. The firm noted that Ardelyx posted a solid performance in Q2, driven by Ibsrela strength.
Raymond James, meanwhile, raised the firm’s price target on Ardelyx to $12 from $11 and kept an ‘Outperform’ rating on the shares. ARDX stock is up by 1% this year but down by about 12% over the past 12 months.
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